Binance’s historic $4.3 billion settlement with the United States last year marked a significant turning point for the exchange, according to Catherine Chen, the head of institutional and VIPs. She expressed enthusiasm for the forthcoming wave of regulation and highlighted the positive aspects of the settlement, including the employment of an independent compliance monitor for three years and a five-year monitoring period by the U.S. Treasury. Chen dismissed concerns about the impact of the monitoring agreement on Binance’s performance, stating that the company had been preparing for it. In November 2023, Binance, Binance.US, and co-founder Changpang “CZ” Zhao paid $4.3 billion to settle charges related to Anti-Money Laundering (AML) and sanctions laws. Zhao agreed to step down as CEO and pleaded guilty to failing to maintain an AML program. On a panel discussion, Chen emphasized the benefits of regulation, such as providing clarity to Binance’s users and fostering trust in the industry. Binance’s new CEO, Richard Teng, stated that the company had moved into a phase of greater maturity and was actively seeking a global headquarters. Despite the settlement, the Securities and Exchange Commission is still pursuing charges against Binance, Binance.US, and Zhao, alleging the sale of unregistered securities and the mixing of customer assets, which Binance denies. The article also mentions the formation of a white hat team called “SEAL 911” to combat real-time crypto hacks.
Trending
- KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack
- Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple
- Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations
- Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute
- Yemenis are embracing DeFi in response to US sanctions on the Houthi group
- Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst
- Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support
- Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’