Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Mahindra on July 08, 2021, 05:23:00 PM
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Binance CEO says 'compliance is a journey' as world's largest crypto exchange faces growing crackdown
The boss of Binance on Wednesday said the cryptocurrency exchange hasn't gotten everything right and has plenty of room to grow, following a crackdown from regulators around the world.
"Compliance is a journey – especially in new sectors like crypto," Changpeng Zhao, CEO of Binance, said in a Blog post (https://www.binance.com/en/blog/421499824684902301/A-letter-from-our-CEO-Reflecting-on-Progress-and-the-Road-Ahead).
The industry still has a lot of uncertainty," he added. "We also recognize that with the growth comes more complexity and more responsibility."
Last month, the U.K.'s Financial Conduct Authority restricted Binance (https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html) from carrying out regulated activities in the country. Binance's U.K. unit withdrew its application to register with the regulator in May due to not meeting anti-money laundering requirements.
Binance, the world's largest crypto exchange by trading volumes, was ordered to add a notice in a prominent place on its website and app showing U.K. users that it is not permitted to carry. information more (https://www.cnbc.com/amp/2021/07/07/binance-crackdown-ceo-says-compliance-is-a-journey.html#aoh=16257573647697&csi=0&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s)
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Binance has it own operations policy with regard to dealing with a number of countries. The CEO has well spoken and believed he has plans on meeting up with the UK regulator's demand. I think the UK customers will really need the Binance exchange having experienced a brilliant crypto market platforms, with the biggest trading Volume world wide.
Trader/investors without the Binance presence will desire the platform to get a better trading/investment benefits that are not seeing on other exchanges. They has placed a good track record in all level of crypto trading, investment, promotions, adoption etc, and this one of the reasons they are the king of CEX/DEX exchange. This is just my opinion.
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Binance now does have many features in its application and of course these features must have proper regulations from various countries because Binance definitely needs external parties to continue to collaborate.
Euro, Australian Dollar or Pound sterling are also well-known FIAT from various countries that already have strong regulations, so Binance must also follow this in the cryptocurrency market.
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Binance has the desire to work with regulators in every countries it is conducting business most especially those that accounts the big volume of its revenues. I am sure it has no desire to lose business by ignoring the demand to comply with formalities. As the industry is getting mature, we can expect more and more countries demanding for any crypto-based entities to make things above ground and not anymore hide their operations unlike before. There will always be frictions but this is quite expected.
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active on social media and a fixture on the crypto social circuit. She was popular with others in the industry—"call me Coley," she would tell those who first met her—and always quick to respond to event invitations and questions from members of the media.
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Binance CEO says 'compliance is a journey' as world's largest crypto exchange faces growing crackdown
The boss of Binance on Wednesday said the cryptocurrency exchange hasn't gotten everything right and has plenty of room to grow, following a crackdown from regulators around the world.
"Compliance is a journey – especially in new sectors like crypto," Changpeng Zhao, CEO of Binance, said in a Blog post (https://www.binance.com/en/blog/421499824684902301/A-letter-from-our-CEO-Reflecting-on-Progress-and-the-Road-Ahead).
The industry still has a lot of uncertainty," he added. "We also recognize that with the growth comes more complexity and more responsibility."
Last month, the U.K.'s Financial Conduct Authority restricted Binance (https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html) from carrying out regulated activities in the country. Binance's U.K. unit withdrew its application to register with the regulator in May due to not meeting anti-money laundering requirements.
Binance, the world's largest crypto exchange by trading volumes, was ordered to add a notice in a prominent place on its website and app showing U.K. users that it is not permitted to carry. information more (https://www.cnbc.com/amp/2021/07/07/binance-crackdown-ceo-says-compliance-is-a-journey.html#aoh=16257573647697&csi=0&referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s)
Nonetheless, Binance handled Brooks's hiring in clumsy fashion.
In the ordinary course of business, a firm will treat the replacement of a CEO, even one who has botched things (which Coley did not), with a flurry of press releases thanking them for their service and, in many cases, appointing them a cushy new role with an impressive title.
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These are unnecessary pressure, in my opinion, however I think that there are certain things I have not understand from these whole regulatory pressure, and basically a very big focus on the Binance exchange. I think, may be the Binance exchange has become too rich and has attracted attentions of the world economy considering the trading volume on the exchange. I like to know why all focused on Binance.
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It is certain that the journey to achieve success requires something called obedience and of course also requires something very extraordinary in terms of mental and legal compliance around us.
Binance has an amazing CEO and of course Binance also has a myriad of problems that need to be resolved and these are definitely something to go through on every journey.
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Binance has a lot of super experience with the rules that apply so far because Binance is now an Exchange that has a very large market cap.
Binance also certainly has a lot of "compliance" with each country which has its own rules so that the country is safe from theft and money laundering that can make people miserable.
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In the development of Bitcoin all markets are also very impressed with the system it has and then Binance also creates a different system but has a solid foundation to be able to continue to be on the path of cryptocurrency.
I'm also sure that Binance will be very open about how it works in the future so that all investors understand very well how to divert their funds to Hold BNB coins rather than other altcoins that are not yet valuable in the market.
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As the day goes on, the more steps Binance goes through and it is possible for Binance to be able to get more profit from every trading and development of the BNB coin, but the name of the journey must be a lot of rules that must be passed.
I'm also sure that all of this can be easily bypassed by Binance and if you remember Binance has also experienced hacks around 7000 Bitcoins were hacked and now Binance is still standing tall and still going strong.
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There are always stories from the world's famous trading platform, Binance, every day there will be the latest news and it makes me also amazed to continue to monitor the Binance exchange and I also feel that there are lots of super coins that can be even better than Binance to invest.
The journey of Binance Exchange is really very steep, every day there are also new rules that are aimed at the cryptocurrency market and I am also looking for profits from Binance trading, enjoy your journey because that is your advantage.
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I think the CEO journey of the platform where the Binance exchange is currently going is good because the exchange has convenience for users who are trading and very high security and I see that there are no problems on the platform so I believe the CEO is enjoying this victory, I hope the CEO has more developments that could provide an increase for the coin price behind the Binance (BNB) exchange platform.
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its good massage for every one that compliance is a journey lots of deep and hidden massage in this lines. we are not par fact but if we need to be good and strong then we will see these lines from CEO of Binance .
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Binance is a big coporation and having a share of that pie is very lucrative so everyone wants to negotiate the best deal and without Binance being complaiant they will not get acces to a market on the other hand the taxes they could be paying ....