Jump to content

Binance Prepares Changes to Work With Regulators Worldwide - Piracy News and Crypto Updates - InviteHawk - Your Only Source for Free Torrent Invites

Buy, Sell, Trade or Find Free Torrent Invites for Private Torrent Trackers Such As redacted, blutopia, losslessclub, femdomcult, filelist, Chdbits, Uhdbits, empornium, iptorrents, hdbits, gazellegames, animebytes, privatehd, myspleen, torrentleech, morethantv, bibliotik, alpharatio, blady, passthepopcorn, brokenstones, pornbay, cgpeers, cinemageddon, broadcasthenet, learnbits, torrentseeds, beyondhd, cinemaz, u2.dmhy, Karagarga, PTerclub, Nyaa.si, Polishtracker etc.

Binance Prepares Changes to Work With Regulators Worldwide


XiNFiNiTY
 Share

Recommended Posts

Binance, the leading cryptocurrency exchange, has announced it is preparing changes to be able to work with regulators more closely. Its CEO, Changpeng Zhao, stated the company is ready to apply the needed revisions to transform the exchange into a regulated financial institution in the future. This is Binance’s answer to a series of regulatory issues it has been facing with regulators from all over the world.

Binance Readies Regulator-Friendly Changes

Binance, the world’s biggest cryptocurrency exchange by trade volume, has announced it is preparing changes to better fit the requirements of regulators. The statements were made by Binance’s CEO, Changpeng Zhao, in an interview with the South China Morning Post published on September 16, where he hinted at a change in how the institution will treat regulatory matters. He stated:

As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.

This is a clear departure from the policy that Binance had applied before, stating it wasn’t headquartered anywhere in the world because Bitcoin wasn’t either. However, it was this same policy that created problems for Binance with regulators, that have complained about the lack of registration for operation in several countries.

Undoing the Damage

From the interview, it’s clear the recent regulatory problems the exchange has been facing have completely changed Zhao’s vision about how things must be done for compliance purposes. He seemed to toss away his previous beliefs, stating:

We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.

This pivot towards compliance is not just empty talk, either. Binance has been actively hiring human resources to step up its compliance game and tighten control over the funds exchanged on its platform. Just yesterday, Binance announced the hiring of Nils Andersen-Röed, a former Europol Dark Web specialist, to further strengthen their investigations and audits team.

Also, last month, Greg Monahan, who was a U.S. Treasury criminal investigator, was appointed as Binance’s Global Money Laundering Reporting Officer, to improve AML policies inside of the exchange.

Link to comment
Share on other sites

Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and user will be warned if it happens again. If caught spamming, the following actions are applicable -

  • First time - Warning
  • Second time - 5000 Points will be deducted
  • Third time - Ban for 7 days
  • Fourth time - Permanent Ban

If the post helped you, reward the user by reacting to the post like this -

1.jpg

Link to comment
Share on other sites

The last post in this topic was made more than 14 days ago. Only post in this topic if you have something valuable to add. Irrelevant posts are not allowed and you will be warned/banned for spamming old topics.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Read this before posting -
  • Only post if you have something valuable to contribute.
  • Avoid unnecessary posts such as 'Thank you', 'Welcome', etc. Such posts will be deleted and you will be warned if it happens again.
  • If the post helped you, reward the user by reacting to the post like this -                      1.jpg
Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Customer Reviews

  • Similar Topics

Ă—
Ă—
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.