Binance has been under a lot of regulatory scrutinies in a lot of countries. And this is why the company is also looking for a new CEO with a strong regulatory background. They are also changing focus from being just an exchange to a financial services company. As a result, Binance now prioritizes regulatory compliance, and have opened a lot of hiring positions to add to their legal teams. They understand how important it is to become fully compliant with the laws of different countries to operate as a financial company.
Binance’s regulatory goals
Being the largest crypto exchange globally it is already under a lot of limelight. Regulatory pressure has been mounting from a lot of sides and it will be interesting to see how they manage all this while transforming to a different company. The CEO of the company has already commented that the US are very positive about crypto and will soon bring regulations. Though he believes that initially, this law will be very strict and restrictive, with time they will change based on how the markets grow. Whatever the case is, Binance plans on following everything properly.
Binance’s CEO also said that he is spending more than 80% of his time working on compliance as this is now the main focus. He also added how they are hiring a lot of people as they are focusing on increasing the strength of their legal and compliance teams. The company has already added Greg Monahan, U.S. Treasury Criminal Investigator as the money laundering reporting officer.
Binance closes future products
The company has also been cutting their profits by pausing future and derivative products due to regulatory issues. The company’s CEO said that before they enable these products they want to make sure that everything is fully compliant. They are even planning to apply for licenses where needed so they can operate without any restriction. Binance has also been constantly working on its relationship with the regulators of different countries. By having regular meetings they are briefing them about their operations to have transparency.
What are your thoughts on Binance as it prioritizes regulatory compliance? And do you think they will be able to emerge as a top player in the financial industry as well? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.