The world’s largest cryptocurrency platform, Binance, has a newly appointed CEO who has emphasized how important regulatory compliance is to the company’s long-term success. This occurs when the company’s former CEO admitted guilt to breaking US anti-money laundering regulations, leading to a $4.3 billion settlement.
Richard Teng emphasized his dedication to keeping Binance a user-centric company in an interview with AFP at a cryptocurrency conference in Paris, saying that this has been essential to the company’s success. Teng did, however, underline how important it is that Binance pursue compliance, pointing out that more regulation would provide industry certainty.
Teng said on Tuesday, “We aim to leverage compliance as a competitive advantage for Binance,” pointing out the company’s significant investment in compliance procedures and strong cooperation with authorities. In order to set best practices and steer its strategic direction, Binance has also formed a worldwide board of directors, comprising three independent members as required by law.
Binance, which was founded in 2017, has become a dominant force in the cryptocurrency trading industry, making its creator, Changpeng Zhao, a millionaire. But the business also had to deal with market turbulence, regulatory scrutiny, and legal troubles involving business executives, especially after its competitor exchange, FTX, collapsed.
Notwithstanding these obstacles, the cryptocurrency market saw a boom in 2021 thanks to new products and a rise in institutional interest. Teng expressed hope for the long-term future of bitcoin, noting as a good step the US regulators’ acceptance of bitcoin exchange traded funds (ETFs).
“While we anticipate short-term fluctuations due to factors like halving events, our confidence in bitcoin’s future remains strong,” Teng said. Sustained development and stability in the cryptocurrency sector are viewed as being mostly dependent on the industry’s adaptation and resilience as well as regulatory compliance.
