The Chief executive officer of the world’s largest cryptocurrency exchange by trading volume, Chagpeng Zhao, popularly known as CZ, aired his views about the recent crackdowns on the company by regulators from different countries. The founder’s views were revealed in a blog post published today, 7th July, 2021.
Binance CEO started the letter by explaining how the cryptocurrency industry is one at an infantry stage and a number of changes like regulations are expected to happen. He used the case study of traffic laws not being invented at the time cars were invented and how those laws makes the use of automobiles safer on roads;
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“…Crypto is similar in the sense that it can be accessible for everyone, but frameworks are required to prevent misuse and bad actors. Clarifying and building the first set of standards is critical for the industry’s continued growth. And Binance wants to be a positive contributor.”
“Compliance is a Journey” – CZ
CZ added that compliance is a journey and that a sector like crypto still has a lot ahead;
“compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility.
Going forward, the CEO noted that the company had not always gotten it right but it is open to improvements as the industry evolves. The blog also stated that Binance is putting in work with regulators and protection of the users is still a priority.
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“We hope to clarify and reiterate our commitment to partner with regulators, and that we are proactively hiring more talent, putting in place more systems and processes to protect our users.”
The world’s largest cryptocurrency exchange faced different crackdowns from regulators last month. The Financial Conduct Authority (FCA) from the UK banned its operations in the country. Thailand’s SEC among other regulators also declared the company’s operation as illegal.
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