Binance to Double Compliance Team; Grew 5x Since Last Year As It Hires Another Former Regulator

2021-7-8 17:55

Leading cryptocurrency exchange Binance is planning to double its compliance team by year’s end and will “humbly welcome more capable talents” as it faces several global regulatory probes.

“Binance has grown very quickly and we haven't always got everything exactly right,” chief executive Changpeng Zhao said in a letter posted on the company website.

“We hope to clarify and reiterate our commitment to partner with regulators, and that we are pro-actively hiring more talent, putting in place more systems and processes to protect our users.”

Without pinpointing the probes, Zhao said the scrutiny of the most unregulated industry shows signs of it “maturing.”

“We know that we are at the tipping point, along with the broader industry.”

He likened the crypto market’s growth with that of cars, as he noted when the car was first invented, there weren't any traffic laws or traffic lights.

“Laws and guidelines were developed along the way,” he said. “Crypto is similar.”

Already the exchange’s international compliance team and advisory board have grown by “500% since last year,” said Zhao while sharing plans to double it by 2021 end.

“Our vision is to increase freedom and inclusion for a better human society.”

“We Take This Seriously”

This week, Binance.US, the US-based unit of Binance, led by former bank regulator Brian Brooks, hired Manuel Alvarez as its chief administrative officer.

Alvarez, who was previously the commissioner of the California Department of Financial Protection and Innovation, will join on July 22 and report to Brooks.

“Bringing on someone like Manny, who was the regulator responsible for the protection of over 40 million consumers, shows not only do we take this seriously, but we’re not going to be defensive about compliance and consumer protection.”

Brian Brooks Binance.US CEO

Brooks, the chief executive, has been building out the team since he first joined the company in May and so far has already doubled the headcount. He plans to hire hundreds of people in the next six to nine months, filling roles in compliance, legal, and risk management.

“We’re going to be on the front foot, so we will hire the very best talent, the very most-senior people to run those functions for us because we agree they’re super important.”

In an interview with Bloomberg, Brooks said Binance.US could go public in the next four years.

Binance has faced regulatory clampdown from all over the world, including the UK, the US, Thailand, Japan, Cayman Islands, Canada, Germany, and the Monetary Authority of Singapore (MAS).

Brooks clarified that Binance.US is a separate entity from Binance and only shares a common founder. Also, at this point of the market, it needs basic frameworks, although the calls for regulation aren’t bad signs, according to him.

The post Binance to Double Compliance Team; Grew 5x Since Last Year As It Hires Another Former Regulator first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $562.5
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 317.12 (-100%)

binance amidst scrutiny zhao growing changpeng says

binance amidst → Ðåçóëüòàòîâ: 38


SaTT Smart Advertising Token Lists on Binance DEX, second decentralized exchange since Uniswap

Singapore, 8 January 2021 - Following its Uniswap listing, smart advertising token SaTT is pleased to announce its second decentralized exchange (DEX) listing, this time on Binance DEX. Amidst a BiThe post SaTT Smart Advertising Token Lists on Binance DEX, second decentralized exchange since Uniswap appeared first on AMBCrypto.

2021-1-8 12:21


Binance’s Mining Pool Becomes 4th Largest One Amidst ‘More Adoption & Institutional Participation’

Launched less than seven months back, Binance Mining Pool is currently the 4th largest one with a hash rate share of 11.36% after Antpool, Poolin, and F2Pool. The leading spot cryptocurrency exchange Binance launched its own mining pool in April this year, which at the time was the 11th largest one, accounting for less than […] The post Binance’s Mining Pool Becomes 4th Largest One Amidst 'More Adoption & Institutional Participation' first appeared on BitcoinExchangeGuide.

2020-11-14 17:35


Binance De-Risks Amidst Regulatory Pressure, Plans for US Crypto Exchange

Binance, one of the world’s leading cryptocurrency exchanges by trading volume, has been making wave after wave across the crypto industry in recent weeks. The Malta-based trading platform known for its exotic altcoin offering has saw its native crypto token soar, launched a DEX, debuted their Binance Launchpad platform for the much hyped IEO tokens,.

2019-6-14 01:06


Binance Reveals Pre-Alpha Demo of Decentralized Exchange & Binance Chain Amidst Listing Fee Criticism

Cryptocurrency exchange giant Binance has unveiled a pre-alpha demonstration of its own decentralized exchange in a move that foreshadows the future of the crypto trading ecosystem. First announced in May, the Binance Decentralized Exchange (DEX) is part of a greater project that will see the exchange platform launch a tailored blockchain, called “Binance Chain.

2018-8-11 10:00


Binance Exchange Bringing Home Bad Press Amidst Trading Platform Errors

Binance Brings Home Bad Press Shock waves are coursing through the cryptosphere after a massive heist of BTC from the world’s leading crypto exchange by trading volume. Although somewhat muted in response, Binance has shut down for “systems maintenance” and the prospect of panic withdrawals looms once the exchange reopens. As the dark news spreads, […]

2018-7-5 22:43