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Home » Binance executive describes the settlement in the US as a transformative milestone
Binance executive describes the settlement in the US as a transformative milestone
Binance executive describes the settlement in the US as a transformative milestone

Binance executive describes the settlement in the US as a transformative milestone

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By admin on 2024-04-11 Regulations Security

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.

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