Trading volume on Binance increased in September despite regulatory tightening
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Answer Trading volume on Binance increased in September despite regulatory tightening
Cryptocurrency exchange Binance, which is one of the largest trading platforms in the world, has witnessed a rise in crypto trading volume despite the global campaign announced by regulators against the company in some countries.
Observers were concerned about consumer protection and the platform’s existing anti-money laundering (AML) infrastructure, which led to intense scrutiny of the company.
However, Binance has managed to overcome some regulatory hurdles, such as those set in the first place by the UK’s Financial Conduct Authority (FCA).
According to figures compiled by “CryptoCompare” and quoted by ReutersBinance’s spot crypto trading volume reached $789 billion in September, up from the $454 billion figure seen in July.
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Derivatives trading volume jumped about 25% to reach the $1.7 trillion threshold, CryptoCompare indicated.
Recently, Binance announced that it is restricting its services in Singapore, deciding to drop some of its services such as fiat deposits, sports cryptocurrency trading, and buying cryptocurrency through the channels it provides.
The move came weeks after the platform suspended all dollar-based services in Singapore from peer-to-peer.
Binance moves:
Binance has been active in terms of executive moves over the past few months amid the regulatory turmoil.
In September, Binance announced the appointment of Ms. Zane Wong to the position of KYC Compliance Manager.
Binance highlighted that the newly selected Compliance Manager will ensure the highest standards of regulatory compliance.
Wong has extensive experience in the global financial sector.
In her previous job, Wong worked at Goldman Sachs, one of the largest investment banks in the world.
Additionally, she has worked for JPMorgan and Bank of America.
In addition to her extensive experience in the global financial sector, Wong is accredited by the International Compliance Association and the Anti-Money Laundering Association.
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Since August 2021, Binance has increased its KYC requirements to improve user protection.
By appointing Wong, Binance aims to make the compliance process efficient.
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