Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Mar 29, 2024

Crypto exchange Binance to double compliance staff as regulators circle

Crypto exchange Binance to double compliance staff as regulators circle

Cryptocurrency exchange Binance plans on doubling its compliance team by year’s and said it will “humbly welcome more capable talents” as it faces a blizzard of global regulatory probes.
Authorities in Britain, Japan, Germany and Thailand have raised concerns about the exchange, one of the largest, amid a worldwide crackdown on cryptocurrencies this year.

Binance offers spot crypto trading, derivatives, trade in tokenised versions of stocks and its own cryptocurrency, Binance Coin. It also has an opaque structure and has rapidly grown into a giant as the popularity of cryptocurrency trading has exploded.

“Binance has grown very quickly and we haven’t always got everything exactly right,” chief executive Changpeng Zhao said in a letter posted on the company website.

The letter is the company’s most fulsome response to the flurry of regulatory attention that has come while monthly trading volumes over the exchange have soared to more than $660 billion in June, according to data from CryptoCompare.

Around the world regulators are worried about criminals using cryptocurrencies as a conduit for money laundering and about investors falling victim to scams in the red-hot sector.

Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. Japan’s regulator has said Binance was operating there illegally and Germany’s watchdog has warned it risked fines for offering tokens connected to stocks.

Zhao made no reference to any such probe but said scrutiny of the mostly unregulated industry showed it was “maturing”.

“The adoption and development of crypto has many parallels with that of the car,” Zhao wrote.

“When the car was first invented, there weren’t any traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way,” he said. “Crypto is similar.”

Zhao said Binance’s international compliance team and advisory board had grown “by 500% since last year” and planned to double by the end of 2021, without giving figures for intended hires.

Bloomberg has previously reported Binance is also under investigation by the U.S. Justice Department and Internal Revenue Service (IRS). Zhao made no reference to that but said Binance works with law enforcement agencies such as the IRS and had so far “completed assisting 5,600 investigation requests” globally this year, already double the amount from 2020.

“Our vision is to increase freedom and inclusion for a better human society,” Zhao wrote. “We humbly welcome more capable talents and experienced advisers to join us to build better.”
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×