binance: Under fire from critics in many countries, Binance says it is strengthening its compliance team
written in a blog post that the company strengthen its compliance team and partnerships, and localize its operations to comply with local regulations.
India’s largest crypto exchange WazirX, which was acquired by Binance in 2019, is under investigation by the Enforcement Directorate (ED). During the agency’s investigation into alleged money laundering by illegal Chinese-owned betting app operators, it discovered that Chinese nationals had converted Indian rupee deposits into cryptocurrencies and had transferred them to Binance wallets. Binance is registered in the Cayman Islands.
During a
interview with ET Last week, Nischal Shetty, Founder and CEO of WazirX, said Binance and WazirX are “different brands,” and claimed that Binance’s scrutiny does not affect WazirX.
At the end of June, Binance was
closed off to conduct “regulated activities” in the UK by the country’s financial regulator. Around the same time, Japan’s financial markets regulator issued a warning against Binance, claiming that the cryptocurrency exchange continues to offer services in the country without authorization.
The German watchdog said in April that Binance was facing a fine for offering tokens linked to stocks. In May, Bloomberg announced that the exchange was under investigation by the US Department of Justice and the Internal Revenue Service.
“Given the recent hyper-emphasis on regulation when it comes to Binance, I would like to take this opportunity to share our history and principles, clarify our position and commitment, and present our approach and plans in this area. regulation and sustainability of the crypto industry in the future, ”he wrote in the blog post.
“I believe that a well-developed long-term legal and regulatory framework will be a solid foundation that will … https://t.co/sj0tHRu2lN
– Binance (@binance) 1625635653000
In his blog post, Zhao said that the growing adoption of crypto has sparked “a lot more attention and debate on how the crypto industry should progress … The industry still has a lot of uncertainty. . We also recognize that with growth comes more complexity and more responsibility. ”
The four-year-old exchange founder said he was hiring more people and putting more systems and processes in place to strengthen his compliance with laws in different countries.
This includes doubling its international compliance team by the end of the year by adding high-level people and advisors. Zhao said the exchange will continue to strengthen its anti-money laundering controls and partnerships.
