Binance CEO Changpeng Zhao or CZ, with crypto regulation on the rise, said di want take matters into your own hands.
Binance and crypto regulation
In this regard, CZ comments in ainterview:
“Binance is often looked at first as it is a big player in the industry. While this doesn’t give the company a good PR, it does allow the company to shape the regulatory narrative in the crypto space ”.
Binance is the first centralized crypto exchange for a number of factors, such as trading volume, liquidity, the number of weekly visitors, as well as for the large offer of crypto pairs and other services it offers.
In the interview, CZ refers to the event happened last week, in which the Monetary Authority of Singapore (MAS) would have included the Binance.com website on its Investor Alert List.
This is the inclusion of the platform of Binance.com only and not that of Binance.sg, as the former would offer a number of entities not regulated by the authorities.
In reverse Binance Singapore it would be more local in character, with its own executive and management team.
Of course, the news of the MAS happens to coincide after Binance hired Richard Teng, the former chief regulator of the Singapore Stock Exchange, as CEO of Binance Singapore. Teng would also work for MASE for 13 years as corporate finance director.
Binance and the diversification of services to comply with the regulations of the country
In the interview CZ explains how he would be working for diversify the services it offers based on the country in which the user operates, in order to comply with the regulations of that country.
“We have limited some products in some countries. For example, we have limited the supply of Futures in the UK, Italy and Germany. ”
Not only, CZ talks about Binance’s leadership in this market wanting to look at both sides of the coin.
On the one hand, it would be the first to be taken up by governments (as in the case of Singapore), but on the other it could be also the first crypto platform to be able to work directly with government bodies and take initiatives on the laws of countries, as crypto, in fact, are not regulated. In this sense, CZ speaks of:
“Binance as ready to assist regulators around the world“.
Binance and the Countries: the latest accusations against the first crypto exchange
Singapore is just the latest in a continuing series of issues that Binance has been dealing with with countries since its inception.
Just in the last month, Binance has seen countries like Italy, the Netherlands, the UK and South Africa comment on its work, receiving accusations of irregularities, often unfounded.
In the case of the Central Bank of the Netherlands, after that of the Italian Consob of the previous month, it was a official warning against Binance of De Nederlandsche Banck (DNB) which it accused Binance to provide crypto services in the country without DNB registration required.
In this way, Binance was not compliant with AML (Anti-Money Laundering) and anti-terrorist financing regulations.
With regard to the UK, Binance almost solved its problems with the Financial Conduct Authority (FCA) to comply with all requirements and operate Binance Markets Limited in full compliance.
In South Africa, on the other hand, even has rejected any allegation by the South African Financial Sector Conduct Authority which allegedly accused the Binance Group platform of not being authorized to provide financial services to the country. For Binance, in fact, there is no connection between her and Binance Group.