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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..
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..