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❕NEWS Binance CEO Changpeng Zhao Ponders Regulation: 'Compliance Is a Journey in Crypto

Yusra31

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Binance's CEO, Changpeng Zhao, has finally delivered a statement regarding the exchange's response to the recent regulatory crackdown. Zhao discusses how Binance is steadily responding to rules throughout the world in a letter published Wednesday. However, he acknowledges that Binance doesn't always get everything precisely right.

Due to its failure to comply with local legislation, Binance is experiencing pushback from local governments. This is known as localization, and it is one of the most difficult issues that foreign companies must deal with because of the costs involved.Binance, according to Zhao, is taking concrete steps to increase compliance. Among these is the implementation of Traveler, a system designed to comply with the Financial Action Task Force's proposed travel rule. Ciphertrace, a blockchain analytics firm, has developed a system that automates this process.According to the letter, Binance's Global Compliance team has grown 500 percent in a year, forming collaborations with organisations like as the United Nations Office on Drugs and Crime (UNODC) and Interpol..
 

Josemendez

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Indeed compliance should be Binance solution out of this trouble. The regulators wants nothing less than Binance identifying with them .
 

Wisdom01

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They really need to follow the rules , because if they don't want all the regulators to start placing ban on them for not getting license to operate comfortably
 

Henrytuedor

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Yes And that's should not be an big issue to make Sure that You Always get verified that Also increases your brand reputation and market value tbh actually in my opinion
 

Brain

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Indeed compliance should be Binance solution out of this trouble. The regulators wants nothing less than Binance identifying with them .
Then they need to compliant then if this will help put everything in the right perspective for everyone. Binance is an outstanding platform so they need to do better
 

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