The former chief executive of Binance emphasizes the need for regulatory compliance in order to ensure the success of the crypto platform. Binance has already faced legal issues and paid a hefty settlement, and now aims to make compliance a competitive advantage.
platform stressed the importance of regulatory compliance for Binance 's future success, months after its former chief executive pleaded guilty to violating US anti-money laundering laws and it paid $4.3 billion to settle charges.
"We want to make sure that compliance is, also becomes, a competitive advantage" for Binance, Teng said Tuesday. Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its But a series of scandals, including the November 2022 collapse of Binance's main rival exchange FTX and criminal charges for several industry executives, saw public confidence evaporate and investors pull their money out of crypto.As part of a settlement reached last November with US authorities, Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down from his position. Binance agreed in February to pay $4.3 billion to settle charges.
Binance Regulatory Compliance Crypto Platform Success Former Chief Executive Anti-Money Laundering Laws Settlement Competitive Advantage
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