The leading crypto exchange, Binance, is ready to make changes to work with the Regulators, Says the CEO of the firm. Binance wants to be a regulated institution around the globe in the future. This is the response of Binance regarding regulatory issues faced recently worldwide.
Binance is the largest crypto exchange by trading volume and recently saw a change of ruling chair. Binance has been facing issues regarding compliance with certain rules of the regulators. Previously, Binance has the policy that says we aren’t headquartered anywhere in the world because Bitcoin isn’t either. I think we are going to see a policy shift.
Binance wants to be a regulated institution:
As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.
Binance wants to be a regulated institution so, the firm has been trying to adopt the policy shift by hiring human resources. The human resources will step up the process of compliance of the firm with the regulators. Yesterday, the firm has hired a former Europol Dark web specialist, Nils Andersen-Roed. Investigations and audit teams will be strengthened by this hiring.
CEO further explained that if Binance wants to be a regulated institution then we must have clear records of stakeholders. He added further about how the firm needs to be prepared for the shift and work closely with the regulators.
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