The issues Binance is having with several regulators in different continents are no longer news in the crypto space. However, the company’s management claimed to have started making moves to solve this and be at peace with respective regulators.
Yesterday, Binance held an hour-long press conference to announce some resolutions of the company regarding the ongoing regulatory backlash it has been getting from regulators in different jurisdictions.
CZ, the CEO of Binance, announced this on Twitter yesterday. He said that the exchange is making proceedings to comply with the regulations in places—like EMEA, Asia- Pacific, and Latin-America—where there are existing legal structures.
Since most regulators are compelling Binance to completely comply with Know-Your-Customer and Anti-Money Laundering requirements, CZ said Binance has taken some steps in this direction.
To corroborate that, Binance has—since some days back—reduced the daily withdrawal limit and leverage limit. On a further note, Binance has launched a new tax reporting tool for proper tax compliance.
Having said that, CZ debunked the FUD that some had been raising concerning whether or not he is stepping down as the CEO of Binance.
He said Binance, due to the obvious ongoing regulatory issues, “would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”