After a wave of regulatory crackdowns on Binance, CEO Changpeng Zhao has spoken out to increase compliance efforts
Changpeng Zhao wants do double the size of his global compliance team by the end of the year, in order to achieve the regulatory standards necessary to re-enter the markets that Binance lost within a month. It is the first public answer of the head of Binance to the lawsuits and partial bans of the world’s largest crypto exchange in Canada, the UK, Thailand, and even the Cayman Islands, where Binance had set up headquarters in 2017 after being ousted from crypto unfriendly China.
Zhao said the international compliance team had already undergone a rapid expansion by 500% since last year, welcoming prestigious appointees like the former head of the Canadian delegation to the FATF Josée Nadeau and former US Ambassador to China, Max Baucus.
For the CEO, the adjustment is just part of the process, and while the regulations have caused the company severe hardship, he believes that it is a good sign for mass adoption and future development, comparing it to the early automobile industry.
Crypto is similar in the sense that it can be accessible for everyone, but frameworks are required to prevent misuse and bad actors. Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day.
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