Binance prepares changes to work with regulatory authorities worldwide -
Binance prepares changes to work with regulatory authorities worldwide -
Binance, the leading cryptocurrency exchange, has announced that it will prepare changes so that it can work closer together with the supervisory authorities. His CEO, Changpeng Zhao, said the company was ready to make the necessary changes to convert the stock exchange into a regulated financial institution in the future. This is the answer of Binance to a number of regulatory problems with which it was confronted with regulatory authorities from all over the world.
Binance prepares regulatory changes
Binance, the largest cryptocurrency exchange worldwide according to trade volume, has announced that it will prepare changes in order to better meet the requirements of the supervisory authorities. The statements were made by the CEO of Binance, Changpeng Zhao, in a Interview with the South China Morning Post published on September 16, in which he pointed out to change the institute with regulatory matters. He indicated:
How we run Centralized exchange , we have recognized that we need a centralized unit to work well with the regulatory authorities.
This is a clear deviation from politics that Binance had previously used and states that it is nowhere in the world because Bitcoin wasn't. However, it was the same guideline that was created regulatory authorities , which have complained in several countries about the lack of registration.
reverse the damage
The interview shows that the recent regulatory problems with which the stock exchange was confronted have completely changed Zhao's vision about how things are to do for compliance purposes. He seemed to throw his previous beliefs aside and said:
We need clear records of the ownership, transparency and risk controls of the stakeholders. As the biggest player in the industry, we have to prepare for change. We make changes to facilitate cooperation with regulatory authorities.
This orientation towards compliance is not an empty talk. Binance has actively hired personnel to improve his compliance game and to strengthen control over the funds exchanged on his platform. Just yesterday Binance has the Setting Nils Andersen-Röed, a former Europol Dark Web specialist to further strengthen your investigative and examination team.
also Greg Monahan, a criminal investigator of the US Ministry of finance, was appointed as Global Money Laundering Reporting Officer from Binance to improve the AML guidelines within the stock exchange.
What do you think that Binance will change to work more closely with regulatory authorities worldwide? Tell us in the comment area below.
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