{"id":194623,"date":"2021-07-08T20:00:01","date_gmt":"2021-07-08T19:00:01","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=194623"},"modified":"2021-07-08T13:39:47","modified_gmt":"2021-07-08T12:39:47","slug":"binance-bnb-boss-admits-mistakes-have-been-made-looks-to-shore-up-compliance-team","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-bnb-boss-admits-mistakes-have-been-made-looks-to-shore-up-compliance-team\/","title":{"rendered":"Binance (BNB) boss admits mistakes have been made, looks to shore up compliance team"},"content":{"rendered":"<p>The founder and CEO of Binance, <a href=\"https:\/\/www.binance.com\/en\/blog\/421499824684902301\/A-Letter-from-Our-CEO-Reflecting-on-Progress-and-the-Road-Ahead\">Changpeng Zhao<\/a> (CZ), posted a letter admitting his firm hadn't gotten &#8220;everything right.&#8221; This he attributes to the speed at which they have grown.<\/p>\n<p>&#8220;Binance has grown very quickly and we haven't always got everything exactly right, but we are learning and improving every day,&#8221; he wrote.<\/p>\n<p>The comments come as several regulators issued warnings on Binance. In the meantime, problems with fiat deposits, <a href=\"https:\/\/cryptoslate.com\/ripple-cto-slams-regulators-as-barclays-blocks-binance-payments\/\">bank bans<\/a>, and accusations of &#8220;<a href=\"https:\/\/cryptoslate.com\/cayman-islands-joins-in-global-regulatory-attacks-against-binance-what-is-happening\/\">defective derivative products<\/a>,&#8221; have spooked customers.<\/p>\n<p>In response, <a href=\"https:\/\/www.reuters.com\/technology\/crypto-exchange-binance-double-compliance-staff-regulators-circle-2021-07-07\/?utm_source=reddit.com\">Binance<\/a> said it plans to double its compliance team in a bid to stay on the right side of regulators.<\/p>\n<h2>Regulators applying the squeeze on Binance<\/h2>\n<p>As previously <a href=\"https:\/\/cryptoslate.com\/cayman-islands-joins-in-global-regulatory-attacks-against-binance-what-is-happening\/\">reported<\/a>, a total of four financial regulators have sounded the alarm on Binance. Most issued warnings on the firm's lack of licensing in their respective jurisdictions.<\/p>\n<p>In the case of the <span class=\"ILfuVd\"><span class=\"hgKElc\">Financial Services Regulatory Authority of Ontario, Binance was forced to withdraw its services from the Canadian province.<\/span><\/span><\/p>\n<p>However, in a further blow, Thailand's Securities and Exchange Commission filed a <a href=\"https:\/\/www.reuters.com\/technology\/thailand-sec-files-criminal-complaint-against-crypto-exchange-binance-2021-07-02\/\">criminal complaint<\/a> about operating a crypto exchange without a license. The issue has been logged with the Thai police.<\/p>\n<p>The knock-on effect has seen problems with users on\/off ramping. First, with U.K users having trouble with <a href=\"https:\/\/cryptoslate.com\/uk-mainstream-media-guilty-of-misleading-on-binance-crypto-ban\/\">GBP ramping<\/a>. Now, reports are circulating that access to Europe's <a href=\"https:\/\/www.ft.com\/content\/bf99e9e3-d104-4a92-81a1-8bd70b884b3f\">SEPA payments<\/a> network has also been suspended.<\/p>\n<p>Some say their poor experience of using the platform justifies the global crackdown. Others think this is part of a wider, covert action to stem cryptocurrency.<\/p>\n<h2>CZ reflects on the matter<\/h2>\n<p>In an attempt to address concerns, CZ posted a <a href=\"https:\/\/www.binance.com\/en\/blog\/421499824684902301\/A-Letter-from-Our-CEO-Reflecting-on-Progress-and-the-Road-Ahead\">letter<\/a> about the current regulatory climate and what lies ahead for his firm. However, it did not directly address any of the regulator notices of the past week or so.<\/p>\n<p>CZ spoke of the ways in which Binance has prioritized users and worked to tackle the problem of money laundering, fraud, etc.<\/p>\n<blockquote><p>&#8220;Therefore, we have added requirements for using our platform and set industry standards: strict insider trading policies (no active trading of any asset within 30 days), a <a href=\"https:\/\/academy.binance.com\/en\/glossary\/secure-asset-fund-for-users\">Secured Asset emergency fund (SAFU)<\/a> to protect user assets and rigorous listing standards and firewall to separate out the listing team.&#8221;<\/p><\/blockquote>\n<p>Shifting the focus back onto regulators, he called for clearer regulatory guidance. And even welcomed more regulation due to this being a sign of the crypto industry maturing.<\/p>\n<p>Drawing parallels with the invention of the car, CZ said that period had no traffic lights, traffic laws, or even any in-car safety features. But, over time, those things arrived. This, he says, is similar to where the crypto industry currently stands.<\/p>\n<p>In meeting regulator expectations, Binance has strengthened its international compliance team and advisory board. Including the appointment of former regulators.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder and CEO of Binance, Changpeng Zhao (CZ), posted a letter admitting his firm hadn&#8217;t gotten &#8220;everything right.&#8221; This he attributes to the speed at which they have grown. &#8220;Binance has grown very quickly and we haven&#8217;t always got everything exactly right, but we are learning and improving every day,&#8221; he wrote. The comments [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":194641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,29,11],"tags":[60952],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance (BNB) boss admits mistakes have been made, looks to shore up compliance team<\/title>\n<meta name=\"description\" content=\"The founder and CEO of Binance, Changpeng Zhao (CZ), posted a letter admitting his firm hadn&#039;t gotten everything right.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-bnb-boss-admits-mistakes-have-been-made-looks-to-shore-up-compliance-team\/\" \/>\n<meta property=\"og:locale\" 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