Last year, Binance marked a significant milestone with a historic $4.3 billion settlement with US authorities. According to Catherine Chen, the exchange’s head of institutional and VIP clients, this event signified a new chapter for Binance as they embrace the approaching regulatory wave.
Binance entered into an agreement as part of its settlement that involved hiring an independent compliance overseer for a three-year term and committing to a five-year monitoring period by the U.S. Treasury. Chen expressed his positive viewpoint on this arrangement during a discussion at the Paris Blockchain Week, moderated by CryptoMoon’s editor-at-large Kristina Cornèr on April 10.
Chen dismissed worries that Binance’s operation would be affected by the monitoring agreement, asserting that they had already made preparations for this situation.
“It is a challenge, but it’s a welcome challenge and we fully embrace it because we know that that would be great for the market.”
In November 2023, Binance, Binance.US, and their co-founder Changpang “CZ” Zhao reached a $4.3 billion settlement with the U.S. authorities over allegations of breaking Anti-Money Laundering (AML) regulations and sanctions laws.
Zhao admitted to resigning as CEO and confessed to neglecting an anti-money laundering program. Consequently, he could spend up to 18 months in prison; his sentencing hearing is scheduled for April 30th.
During the discussion, Chen expressed that regulations provide “significant clarity” for Binance’s users, allowing them to feel more at ease with the industry, the asset class, and the major players.
Despite appearances, these obstacles are truly beneficial for the industry. In fact, they represent an opportunity for growth and progress.
In an interview with CNBC on April 9, Binance‘s new CEO, Richard Teng, shared that the company was previously functioning in a specific way. However, as Binance continues to grow and become more established, it has moved beyond that stage.
During Paris Blockchain Week, Teng mentioned in a live interview that the well-known exchange, which doesn’t have a traditional headquarters led by Zhao, is currently exploring possibilities for a global headquarter location and holding discussions with several countries.
The Securities and Exchange Commission (SEC) continues to accuse Binance, Binance.US, and Zhao of selling unregistered securities and mixing up customers’ funds. However, Binance asserts its innocence against these claims.
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2024-04-11 08:50