Singapore: cryptocurrency Exchange Binance plans to double its compliance team year-on-year, saying it would “humbly welcome more capable talent” as it faces a blizzard of global regulatory scrutiny.
Authorities in the UK, Japan, Germany and Thailand have raised concerns about the exchange, which is one of the largest exchanges amid worldwide crackdowns. cryptocurrency this year.
Binance offers spot crypto trading, derivatives, trading in tokenized versions of stocks and its own cryptocurrency, Binance Coin. It also has an opaque structure and has become increasingly huge as cryptocurrency trading explodes in popularity.
“Binance has grown very quickly and we haven’t always got everything right,” Chief Executive Changpeng Zhao said in a letter posted on the company’s website.
According to data from CryptoKitties, the letter is the company’s most spectacular response to a flurry of regulatory attention, while monthly trading volumes on the exchange exceeded $660 billion in June.
Regulators around the world are concerned about criminals using cryptocurrencies for money laundering and investors falling prey to scams in the red-hot sector.
Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. Japan’s regulator has said Binance was operating illegally there and Germany’s watchdog has warned that it has fined it for offering tokens tied to the stock.
Zhao made no reference to any such investigations, but said investigations into the mostly unregulated industry showed it was “mature”.
“The adoption and development of crypto has many similarities with the car,” Zhao wrote.
“When the car was invented, there were no traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way,” he said. “Crypto is similar.”
Zhao said that Binance’s international compliance team and advisory board “has grown by 500% from last year” and plans to double this by the end of 2021, without giving any intended rent figures.
Bloomberg previously reported that Binance is also being investigated by the US Department of Justice and the Internal Revenue Service (IRS). Zhao made no reference to this, but said Binance works with law enforcement agencies such as the IRS and has completed “assistance in 5,600 investigation requests” globally so far this year, already double the amount from 2020. is.
“Our vision is to increase freedom and inclusion for a better human society,” Zhao wrote. “We humbly welcome more capable talent and experienced consultants to build better ones.”
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