TechCentralTechCentral
    Facebook Twitter YouTube LinkedIn
    Facebook Twitter LinkedIn YouTube
    TechCentralTechCentral
    NEWSLETTER
    • News

      Google’s giant Equiano Internet cable has landed in South Africa

      8 August 2022

      The African tech start-ups eyeing global markets

      8 August 2022

      Karpowership loses bid to overturn environmental ruling

      8 August 2022

      New app launched to tackle potholes in South Africa

      8 August 2022

      Rogue database felled Capitec in its worst-ever IT outage

      7 August 2022
    • World

      Nvidia issues profit warning on slump in demand for graphics cards

      8 August 2022

      Buterin: Mining on Ethereum Classic won’t affect Merge

      8 August 2022

      Musk challenges Twitter CEO to a public debate

      7 August 2022

      Amazon splashes $1.7-billion on Roomba maker iRobot

      5 August 2022

      Nigeria asks Google to block banned groups from YouTube

      5 August 2022
    • In-depth

      The length of Earth’s days has been increasing – and no one knows why

      7 August 2022

      As Facebook fades, the Mad Men of advertising stage a comeback

      2 August 2022

      Crypto breaks the rules. That’s the point

      27 July 2022

      E-mail scams are getting chillingly personal

      17 July 2022

      Webb telescope’s stunning images of the cosmos

      12 July 2022
    • Podcasts

      How South Africa can woo more women into tech

      4 August 2022

      Book and check-in via WhatsApp? FlySafair is on it

      28 July 2022

      Interview: Why Dell’s next-gen PowerEdge servers change the game

      28 July 2022

      Demystifying the complexity of AI – fact vs fiction

      6 July 2022

      How your organisation can triage its information security risk

      22 June 2022
    • Opinion

      SIU seeks to set aside R215-million IT tender

      19 July 2022

      No reason South Africa should have a shortage of electricity: Ramaphosa

      11 July 2022

      Ntshavheni’s bias against the private sector

      8 July 2022

      South Africa can no longer rely on Eskom alone

      4 July 2022

      Has South Africa’s advertising industry lost its way?

      21 June 2022
    • Company Hubs
      • 1-grid
      • Altron Document Solutions
      • Amplitude
      • Atvance Intellect
      • Axiz
      • BOATech
      • CallMiner
      • Digital Generation
      • E4
      • ESET
      • Euphoria Telecom
      • IBM
      • Kyocera Document Solutions
      • Microsoft
      • Nutanix
      • One Trust
      • Pinnacle
      • Skybox Security
      • SkyWire
      • Tarsus on Demand
      • Videri Digital
      • Zendesk
    • Sections
      • Banking
      • Broadcasting and Media
      • Cloud computing
      • Consumer electronics
      • Cryptocurrencies
      • Education and skills
      • Energy
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Motoring and transport
      • Public sector
      • Science
      • Social media
      • Talent and leadership
      • Telecoms
    • Advertise
    TechCentralTechCentral
    Home»Sections»Cryptocurrencies»Binance to double compliance staff as regulators circle

    Binance to double compliance staff as regulators circle

    Cryptocurrencies By Agency Staff7 July 2021
    Facebook Twitter LinkedIn WhatsApp Telegram Email

    Cryptocurrency exchange Binance plans to double its compliance team by year’s end and said it will “humbly welcome more capable talent” as it faces a blizzard of global regulatory probes.

    Authorities in Britain, Japan, Germany and Thailand have raised concerns about the exchange, one of the largest, amid a worldwide crackdown on cryptocurrencies this year.

    Binance offers spot crypto trading, derivatives, and trade in tokenised versions of stocks and its own cryptocurrency, binance coin. It also has an opaque structure and has rapidly grown into a giant as the popularity of cryptocurrency trading has exploded.

    Binance offers spot crypto trading, derivatives, and trade in tokenised versions of stocks and its own cryptocurrency

    “Binance has grown very quickly and we haven’t always got everything exactly right,” CEO Changpeng Zhao said in a letter posted on the company website.

    The letter is the company’s most fulsome response to the flurry of regulatory attention that has come while monthly trading volumes over the exchange have soared to more than US$660-billion in June, according to data from CryptoCompare.

    Worried

    Around the world, regulators are worried about criminals using cryptocurrencies as a conduit for money laundering and about investors falling victim to scams in the red-hot sector.

    Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. Japan’s regulator has said Binance was operating there illegally and Germany’s watchdog has warned it risked fines for offering tokens connected to stocks.

    Zhao made no reference to any such probe but said scrutiny of the mostly unregulated industry showed it was “maturing”.

    “The adoption and development of crypto has many parallels with that of the car,” Zhao wrote. “When the car was first invented, there weren’t any traffic laws, traffic lights or even safety belts. Laws and guidelines were developed along the way. Crypto is similar.”

    Zhao said Binance’s international compliance team and advisory board had grown “by 500% since last year” and planned to double by the end of 2021, without giving figures for intended hires.

    Bloomberg has previously reported Binance is also under investigation by the US justice department and Internal Revenue Service. Zhao made no reference to that but said Binance works with law enforcement agencies such as the IRS and had so far “completed assisting 5 600 investigation requests” globally this year, already double the amount from 2020.

    “Our vision is to increase freedom and inclusion for a better human society,” Zhao wrote. “We humbly welcome more capable talents and experienced advisers to join us to build better.”  — Reported by Tom Westbrook, (c) 2021 Reuters

    Binance binance coin Changpeng Zhao
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email
    Previous ArticleJeff Bezos is now worth more than R3-trillion
    Next Article 5 reasons this crypto bull market still has a long way to go

    Related Posts

    Google’s giant Equiano Internet cable has landed in South Africa

    8 August 2022

    The African tech start-ups eyeing global markets

    8 August 2022

    Nvidia issues profit warning on slump in demand for graphics cards

    8 August 2022
    Add A Comment

    Comments are closed.

    Promoted

    You don’t need a call centre to take advantage of call centre technology

    5 August 2022

    Black man, you are still on your own

    5 August 2022

    UC&C interoperability offers businesses operational cost relief in tough times

    4 August 2022
    Opinion

    SIU seeks to set aside R215-million IT tender

    19 July 2022

    No reason South Africa should have a shortage of electricity: Ramaphosa

    11 July 2022

    Ntshavheni’s bias against the private sector

    8 July 2022

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2022 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.