Binance founder Changpeng Zhao spoke out in response to recent pressures, underlining its commitment to cooperate with regulators and the recent changes made at the world’s largest cryptocurrency exchange.
«Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day,» said Binance founder and chief executive Changpeng «CZ» Zhao in a blog post.
«We hope to clarify and reiterate our commitment to partner with regulators, and that we are pro-actively hiring more talent, putting in place more systems and processes to protect our users.»
Operational Upgrades
Zhao underlined various steps taken by the firm including a quintupling of the compliance team and advisory since last year, compliance partnerships and localization of operations and businesses.
«Our vision is to increase freedom and inclusion for a better human society. But this lofty vision won’t be possible without the support and guidance of regulators and policymakers who understand that innovation has the most long-term sustainable impact when tempered with frameworks to protect all participants,» Zhao said.
«We humbly welcome more constructive guidance to help us to grow better.»
Regulatory Avalanche
The world’s largest crypto exchange by reported turnover, Binance has been the subject of regulatory actions and warnings worldwide.
U.K.’s Financial Conduct Authority crackdown led to banks like Barclays to halt credit and debit card payments to Binance while in the U.S., probes have been launched by the Department of Justice, Internal Revenue Service and Commodity Futures Trading Commission though no accusations of wrongdoing have been made.
In Asia, it has also attracted a series of regulators including Japan’s Financial Services Authority, Monetary Authority of Singapore and Thailand’s Securities and Exchange Commission which filed a criminal complaint for operating a digital asset business without a license.
