CEO of Binance “CZ” Responds and Comments on Global Regulatory Pressure!
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Answer CEO of Binance “CZ” Responds and Comments on Global Regulatory Pressure!
We are seeing wider adoption of cryptocurrencies globally and the need for clearer regulatory frameworks in different countries.
With the above statement, Changpeng Zhao, founder and CEO of Binance, commented on the regulatory pressures Binance is facing.
CZ has likened the recent pressure from regulators around the world towards Binance to the pressures of the car’s initial development.
in open letter Posted on the Binance blog, CZ stated that the adoption and development of cryptocurrency has many similarities with regulations related to cars in terms of developing laws and guidelines along the way.
CZ said:
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We are seeing wider adoption of cryptocurrencies globally and the need for clearer regulatory frameworks in different countries.
More regulations, in fact are positive signs.
As a reminder, several regulators have recently launched their action against Binance, including the Cayman Islands jurisdictions, the United Kingdom, Thailand and Singapore, among others.
Binance is trying to stay ahead of the regulatory curve, having appointed two former FATF members to its advisory team last March.
The CEO of Binance reiterated in his message that Binance has requirements to use the platform including strict internal trading policies whereby users cannot actively trade any asset during the 30-day period.
In addition, a Secured Asset Contingency Fund (SAFU) designed to protect user assets and listing criteria has been added as well as a firewall to separate the listing team.
He told CZ, who noted that the cryptocurrency industry contains a lot of uncertainty, and added:
Compliance is a journey – especially in new sectors like cryptocurrency.
We also recognize that with growth comes more complexity and more responsibility.
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