Binance wants to meet the requirements of the regulatory authorities
Most recently, Binance came under pressure from regulatory authorities around the world. Now the largest crypto exchange wants to take the pressure off the boiler with a bundle of measures.
Great Britain, Japan, Canada, the Cayman Islands, Thailand, the USA and Germany – the list of countries whose regulatory authorities Binance have targeted has become longer and longer recently. One of the problems: Binance doesn’t have a real headquarters, at least not an official one. In Germany, the offer of shares deposited with crypto tokens has been criticized by the financial market supervisory authority. Consumer protection also plays a role. Binance is now taking countermeasures.
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On Monday, the world’s largest crypto exchange announced it would reduce the maximum leverage on its futures platform. In addition, the criticized share tokens are to be removed from the offer. Instead, the focus will be on other products, as well CNBC writes. On Tuesday, Binance CEO Changpeng “CZ” Zhao added one more time. In a one-hour press conference, CZ announced a whole series of further measures with which the crypto exchange intends to meet the requirements of the regulatory authorities in the future.
Binance wants to set up a number of regional branches around the world and acquire licenses there, so that is possible. However, the Binance CEO did not want to say anything about the current disputes with the regulatory authorities. Only this much: they will work actively with the authorities in order to stay within the crypto-specific legal framework at all times. Users with a basic account should now only be able to transfer 0.06 instead of the previous two Bitcoin per day.
CZ also mentioned a new tool that users can use to keep track of possible taxes on their crypto transactions via Twitter. This can be connected to third-party control tools via an API. CZ denied an alleged withdrawal from the CEO position, which some media had reported, but did not rule out that it would make way for a subsequent person. In any case, Binance is looking for employees with experience in regulation and compliance.
Binance: Consumers: Interior protection is important to us
“Binance is ready to support regulatory authorities from all over the world and work with them to find the best way to create fair conditions,” said CZ via Twitter. Consumers: after all, interior protection is important to everyone, including Bincance. In any case, the crypto exchange wants to create a sustainable ecosystem around blockchain technology.
