Binance Welcomes Regulation, Aims for Greater Maturity Post $4.3B Settlement
Summary:
Binance's $4.3 billion settlement with the U.S. in 2023 is seen as a positive development by Catherine Chen, its head of institutional and VIPs. The agreement includes independent compliance monitoring and U.S. Treasury monitoring. Despite facing regulatory challenges, Chen believes the measures will enhance the market's credibility. Additionally, Binance's CEO Richard Teng announced plans for a global headquarters, while the SEC continues to pursue charges against the company for selling unregistered securities.
Catherine Chen, head of institutional and VIPs at Binance, acknowledges the exchange's $4.3 billion settlement with the U.S. government in 2023 as a positive turning point. As part of the agreement, Binance became subject to independent compliance monitoring for three years and a five-year monitoring by the U.S. Treasury. Speaking at a panel at Paris Blockchain Week on April 10, moderated by Kristina Cornèr, Cointelegraph's Editor-at-large, Chen expressed that the new measures are welcome and beneficial for the market, despite the challenges they pose. Binance, along with its U.S. arm and co-founder Changpang "CZ" Zhao, paid this massive settlement for charges of breaking Anti-Money Laundering (AML) and sanctions laws. Post-settlement, Zhao agreed to step aside from his CEO role and admitted to the failure of maintaining an AML program, awaiting a sentence on April 30, which might include up to 18 months of prison. Chen commented that the regulatory framework could bring transparency and increase confidence among Binance's users. Speaking at Paris Blockchain Week, Binance's new appointed CEO Richard Teng mentioned that the company is evolving, seeking a global headquarter and exploring potential jurisdictions. However, Binance, Binance.US and Zhao are still facing unresolved charges from the Securities and Exchange Commission for selling unregistered assets and blurring customer assets. Binance firmly rejects these accusations. In other news, a team of hackers named 'SEAL 911' has been established to combat real-time crypto breaches.
Published At
4/11/2024 8:46:42 AM
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