![]() Work further to comply with local regulations.Binance says it's already conducted a number of external anti-money laundering audits and collaborated with anti-crime organizations. Increase its compliance activities and partnerships.The company says it has already appointed several high-profile compliance advisors and will double the size of the team by the end of this year. Zhao promised that Binance will take the following steps: Today's letter has an almost apologetic tone: "Binance has grown very quickly and we haven't always got everything exactly right, but we are learning and improving every day." The challenge for Binance is that its recent regulatory issues have impacted its customers. A more conciliatory approach toward regulation But until now, the overarching approach appeared to be that cryptocurrency is borderless and that users, not regulators, were the priority. where it has a separate site that complies with American cryptocurrency laws. To be clear, Binance does follow local regulations in certain countries, such as the U.S. only allow institutional investors to use these advanced trading tools. Several countries - including the U.K., Japan, Canada, and the U.S. But a number of retail investors who use margin have been burned and had their positions liquidated due to sudden price drops. When users buy on margin, they essentially borrow money to leverage their investments, which also magnifies their risk.īinance customers can't access advanced products without viewing educational resources and completing a quiz to show they understand the dangers. For example, one difficult area is crypto derivatives and margin trading. Perhaps it's unfair, but as an observer, it still feels as if Binance puts its users - and its products and services ahead of local regulatory concerns. It has strict insider trading policies and invests heavily in crypto education. It works with law enforcement to investigate cases of money laundering and fraud. Zhao explained that Binance has strict user-focused compliance standards. "Crypto is similar in the sense that it can be accessible for everyone, but frameworks are required to prevent misuse and bad actors," he argued.īinance has insisted throughout that it takes its regulatory obligations very seriously. Now we have laws that make the roads safer for everybody. He pointed out that when cars were first invented, there were no rules. Zhao compared the evolution of crypto regulation to the way traffic laws have developed over time. Learn more and get started today with a special new member discount. BINANCE CEO FULLSign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. In fact, you've probably used this company's technology in the past few days, even if you've never had an account or even heard of the company before. We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market - Bitcoin, Dogecoin, and all the others. ![]()
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