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.
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 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
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.