Binance’s optimistic approach to user protection and proactive compliance.
Most crypto-regulated nations have recently leveled accusations against Binance, the world’s biggest cryptocurrency trading platform. To be precise, all crypto-regulated nations have aggressively pursued Binance in recent months. However, the CEO’s response to all of this is amazing.
In any event, whether Binance is in trouble or not, the world’s biggest global cryptocurrency exchange has been the target of many allegations and criminal charges, as well as intentional instances.
To Establish Global Crypto Compliance, We’re Working Together
Binance collaborates with authorities and other parties to create clear regulatory frameworks, rules, and standards to influence the future of crypto compliance across the world. We aim to establish proactive efforts to safeguard our users according to global compliance standards in areas of the globe where legislation is still being developed. To meet and surpass worldwide standards, we continue to invest in our compliance program and collaborate with cutting-edge compliance technology vendors.
Compliance requires proactive industry participants to collaborate with regulators and politicians to develop regulations and operating frameworks, structure the sector’s principles and set the groundwork for long-term development.
In this respect, we have made the following commitments.
• Increasing the size of our compliance team — To assist in maintaining compliance in our operating countries throughout the globe, we have increased the size of our compliance team by 500 percent in 2021 and aim to double it by the end of the year.
• Recruiting strategic advisors
• Self-control exercises
• Bringing activities and companies closer to home
• Making use of industry-leading RegTech tools
• Ensuring that know-your-customer (KYC) regulations are followed.
• Establishing a mechanism for law enforcement requests
User safety is paramount.
Binance’s Founder and CEO, Changpeng Zhao (CZ), stated: “Our DNA and fundamental principles include the security of our users. Our goal is to build a long-term environment that is safe for everyone involved. We’ve built the foundation over the past four years by investing significantly in security and user protection, assisting high-profile investigations across the globe, and assisting cybercrime victims in recovering millions of dollars in stolen money.”
“We want to engage more closely with policymakers to enhance global norms and deter unscrupulous actors,” said the group.
• Combating cybercrime on a global scale
• Investing in user training
• Launching the first and only responsible trading program in the industry — Binance is the first and only exchange to employ technological and instructional methods to encourage users to trade properly.
• Establishing a SAFU emergency insurance fund – We put 10% of all trading fees into the SAFU (Secure Asset Fund for Users) to safeguard users and their money in the event of an emergency.
• Providing user-friendly security tools — We protect our platform using user-friendly security solutions to provide our users a safe and secure environment.
These are just a handful of the current projects we’re working on to maintain our commitment to regulatory compliance and user safety.
Binance’s new Secured Asset emergency fund is also mentioned by CZ (SAFU). This will safeguard users and listings, with an independent firewall being deployed to protect and distinguish listings. By July, the SAFU will be operational.
Finally, CZ adds that compliance is a path toward worldwide acceptability and improvement for his company and the crypto sector as a whole.