Recent allegations were made by most of the crypto-regulated countries around the world upon the world’s largest cryptocurrency exchange platform, Binance. To be deliberate, all the crypto-regulated countries have cornered Binance profusely in recent times. Yet, the CEO’s reply to all this is indeed inspiring.
Either way, to say whether Binance is in tough times or not, the world’s largest global cryptocurrency exchange faced many accusations and criminal charges, and cases deliberately.
The Allegations Put Forth
Many cryptocurrency-regulated and established countries like Japan, Cayman Islands, U.K, and Japan have all imposed numerous criminal offenses and charges upon the crypto exchange. In addition to this list, the latest one to join is Thailand. All these crypto-regulated nations, having made their regulations which are of course slightly different from one another.
Moreover, the Securities and Exchange Commission (SEC) of all these regulated countries have put forth these allegations on their independent basis, based on their own regulations.
The CEO’s Optimistic Response
Being targeted on such a basis is more or less not fair. On the contrary, one single entity to administer, accept, and follow all the rules and regulations of different SECs of numerous countries is a hectic task.
Despite all this the CEO of Binance, Changepeng Zhao put out an official letter in response to all these allegations on Wednesday. The letter has been published on their official platform page as a blog post.
CZ on the letter states the allegations made by various regulatory countries are like hurdles that are to be jumped over for succeeding.
CZ continues on by comparing his firm with that of the development of a car. Likewise, carmakers have to satisfy each and every country’s rules, regulations, and norms in order to make a global product.
In addition, CZ depicts all these as positive signs towards developments. Also, he adds such regulations are in fact necessary for the global adoption of cryptocurrency.
New Reforms and Developments
CZ portrays Binance will succeed in satisfying all the regulations made by all the regulated countries.
However, Binance is always in constant development to make everything and everyone to be satisfied and user-friendly.
CZ also mentions Binance’s new Secured Asset emergency fund (SAFU). This will be a protective measure for the users and listings deploying an independent firewall to protect the listings and to stand them out. The SAFU will be launched by July.
Finally, CZ concludes, compliance is a journey, towards global acceptance and betterment for his firm and for the crypto industry.
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