Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Binance CEO responds to growing regulatory concerns

Ajibola Akamo by Ajibola Akamo
July 7, 2021
in Business News
Binance Changpeng Zhao
Share on FacebookShare on TwitterShare on Linkedin

Binance has been facing a lot of regulatory issues all over the world. The largest cryptocurrency exchange by volume of transactions has been under intense scrutiny from central banks and regulatory authorities in several countries.

Nairametrics reported recently that the United Kingdom’s Financial Conduct Authority (FCA) banned the cryptocurrency exchange from operating in the country, stating that the exchange was not approved under the FCA’s cryptocurrency registration regime which is required for UK groups offering digital asset services.

Recently, news of a class-action lawsuit against the platform’s futures trading by investors who claim they lost “tens of millions” of dollars due to not being able to manage their positions and view their balances during peak trading hours, has taken headlines. This lawsuit comes from a group of Italian and international investors.

RelatedPosts

What crypto assets investors are buying in August amid ongoing bullish rally

Iranian government makes first crypto payment for imports worth $10 million

READ: Troubling signs on crypto market, SEC tags many crypto assets as Securities

As a result of concerns from the users of the platform and the exchange’s stakeholders over Binance’s global regulatory issues, the company’s CEO and founder, Changpeng Zhao, popularly known as “CZ” has underscored the exchange’s commitment to cooperate with regulators.

News continues after this ad


In an open letter yesterday, Zhao emphasized that the cryptocurrency industry has massively evolved over the past four years since Binance’s launch and there is still a lot of regulatory uncertainty around cryptocurrencies.

He also said that the cryptocurrency industry lacks clear regulatory frameworks in several countries stating that “Compliance is a journey, especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with growth comes more complexity and more responsibility. We are seeing wider adoption of cryptocurrencies globally and the need for clearer regulatory frameworks in different countries.”

READ: Binance challenges Nigerian Stock trading apps with U.S stocks offering

News continues after this ad


Zhao mentioned that Binance has grown its international compliance team and advisory board by 500% since 2020, including appointments from major global regulators like the Financial Action Task Force. He also noted that Binance has been actively implementing Anti-Money Laundering policies on its platform, cooperating with crypto intelligence firm CipherTrace to ensure further protection. On this, he stated, “We are learning and improving every day. We firmly believe that our industry will benefit society through the creation of inclusive financial opportunities.”

Why this matters

Other countries like the Japan, United States, Canada, Thailand and the Cayman Islands have all taken steps against Binance in the form of an investigation, filing criminal complaints or banning the platform from operating within the country’s space.

A most recent move by the exchange to get its affairs in order was to hire two former members of the Financial Action Task Force to its advisory team in March.

Additionally, the company has hired Manuel Alvarez, who ran California’s Department of Financial Protection and Innovation to beef up its regulatory team.
With a lot of regulatory uncertainty surrounding the mega cryptocurrency exchange, Binance looks to be making significant efforts to settle its issues with regulators.

Related

Tags: BinanceChangpeng ZhaoCryptocurrencyUK Financial Conduct Authority (FCA)

Comments 3

  1. Stephen Ekene Udegbunam says:
    July 8, 2021 at 1:04 am

    Please get your facts right. Binance Exchange was not banned from doing business with UK citizens. It was banned from offering Futures trading to UK citizens.

    Reply
  2. Anonymous says:
    July 8, 2021 at 9:28 am

    Attack on Binance is fully sponsored by the Banking elit to make sure their status quo will remain a bit…..konger.

    Reply
  3. Ogban rademene felix says:
    July 9, 2021 at 2:02 pm

    Pls can I use my bvn to verify
    I try use my national I.d card slip but no way it not coming up

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NGX closes negative with the market cap down by N20 billion 
    • FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period
    • Hackers exploiting stolen cookies to attack corporate organisations – Report

    Follow us on social media:

    Recent News

    Weekly Stock Update: Nigerian local bourse’s ASI depreciates by 0.22% w-o-w

    NGX closes negative with the market cap down by N20 billion 

    August 18, 2022
    FG to review January 18 resumption date for schools across the country

    FG asks students to sue ASUU over strike, insists lecturers won’t be paid during the period

    August 18, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com