There has been growing concerns over the crypto exchange firm, Binance, and their current controversial standing with financial supervisory bodies. Changpeng Zhao who established Binance and also functions as its chief executive officer cleared the air when he said that the firm was committed to working peacefully with the financial bodies.
In his Tuesday announcement, Zhao noted that the cryptocurrency world had undergone radical changes since Binance appearance on the stage four years ago despite regulatory uncertainties which beseeched the industry. The CEO stated that coexisting with supervisory bodies was in line with the company’s major ideology.
According to Zhao, the cryptocurrency ecosystem has no operational clarity as it concerns regulatory guidelines. He opined that with defined regulatory guidelines, the crypto industry will be made more conducive for more investments. Zhao said that obedience to rules for young industries like crypto was a process. He agreed to the fact that the crypto world is still very associated with precariousness. All these notwithstanding, he maintained that Binance was determined to work with authorities.
The Binance top man said that the company increased the capacity of its international compliance and advisory squad by 500% last year. The CEO also said that the company has been carrying out Anti-Money Laundering principles and had even engaged in partnership with CipherTrace for optimal security.
The information from the CEO comes in handy as Binance is being investigated by financial supervisory bodies of different countries. The current Binance situation has also impacted its clientele community as there is a proposal to temporarily stop banks from engaging in certain transactions that is linked to the company.
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