Friday, July 30, 2021

Binance plans on doubling its compliance team amid regulatory concerns.

The Takeaway:

Cryptocurrency exchange giant Binance plans on doubling its compliance team this year amid regulatory concerns.

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Recently, authorities in Britain, Japan, Germany, and Thailand have raised concerns about the crypto exchange Binance, one of the largest, amid a worldwide crackdown on cryptocurrencies. “Binance has grown very quickly, and we haven’t always got everything exactly right,” chief executive Changpeng Zhao said in a blog posted on the company website. Binance has responded to the flurry of regulatory attention that has come recently from regulators around the world. 

 

“Binance has grown very quickly, and we haven’t always got everything exactly right.”

“Binance has grown very quickly, and we haven’t always got everything exactly right,” CEO Changpeng Zhao said in a letter posted on the company website. Recently, monthly trading volumes over the exchange have soared to more than $660 billion in June, according to data from CryptoCompare. Regulators across countries are worried about criminals using cryptocurrencies for money laundering purposes and investors falling victim to scams in the red-hot sector. Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. The crypto exchange giant has received similar warnings from other countries as well.  

 

Thailand SEC warned Binance.

As reported earlier, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance for illegally offering services in the country. “Following tips and the SEC’s further inspection, it was found that Binance has provided platform services for trading cryptocurrencies via its website by matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement or match the order for persons who wish to trade or exchange digital assets,” SEC noted in its official announcement. The financial watchdog detailed that it had also issued a warning letter against Binance on April 5, but the crypto exchange failed to respond.  

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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