Binance's Commitment to Compliance: An Inside Look at the Program

Crypto News
Crypto News

30 Jun 2023 2:36 PM

Binance, the world’s largest cryptocurrency exchange, is making an effort to dispel myths that the crypto industry at large is ‘non-compliant’.Here's the latest....

  • Binance, the world's largest cryptocurrency exchange, is working to dispel the myth that the crypto industry is non-compliant.
  • The Binance Compliance team consists of professionals with diverse backgrounds, including former law enforcement officers and regulators.
  • The team includes 750 core and supporting compliance staff, with 20% dedicated to investigating illicit finance.
  • Binance has a Global Money Laundering Reporting Officer (GMLRO) and a sanctions compliance department.
  • Binance engages in customer due diligence through Know-Your-Customer (KYC) and Know-Your-Business (KYB) programs.
  • Despite recent legal challenges, Binance co-founder Yi He believes that if Binance isn't compliant, then no other global trading platform or offshore company is.

The article portrays Binance as actively working towards compliance and dispelling the myth of non-compliance in the crypto industry. The sentiment is positive.

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You May Ask

How many members are there in Binance's Financial Crimes Team?What is the role of Binance's Global Money Laundering Reporting Officer (GMLRO)?What measures does Binance take to ensure compliance with applicable laws and regulations?Why was Binance sued by the Securities and Exchange Commission (SEC)?According to Binance co-founder Yi He, how does Binance compare to other global trading platforms in terms of compliance?

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