- Binance composing new changes to work better with regulators.
- Exchange has been hiring human resources to strengthen its compliance game.
- Binance hired a former Europal Dark Web specialist.
The world’s largest and popular cryptocurrency exchange, Binance, has announced it is composing new changes to work better with regulators according to their requirements.
In an interview with South China Morning Post, Changpeng Zhao, CEO of Binance has made an announcement, which published on September 16. He mentioned,
“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators”.
More so, this is a clear quitting from the existing policy that crypto exchange Binance had applied before, noting it wasn’t headquartered globally because Bitcoin (BTC) wasn’t either. Eventually, this was the policy, which created trouble for Binance with regulators, that have criticized the shortage of registration for operation in many countries.
According to the interview, it understandable that the latest regulatory issues the Binance exchange has facing, have changed Changpeng Zhao’s plans and goals about how things must handled for compliance purposes.
Even more, he stated, exchanges need to maintain a clear record about stakeholder’s ownership, transparency, and risk controls. As the largest crypto exchange, Binance has composing changes, so it will be easier to work with regulators without any issues.
Furthermore, Binance has been effectively hiring human resources to strengthen its compliance game and maintain high control over the funds exchanged on the Binance platform. On Friday, Binance announced the hiring of a former Europal Dark Web specialist, Nils Andersen- Röed, to build effective investigations and audit team. In the last month, U.S. Treasury criminal investigator, Greg Monahan has appointed as Ninance’s Global Money Laundering Reporting Officer, to strengthen AML policies inside the Binance Exchange.
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