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Currently the largest exchange in the world by trading volume, Binance is once again in the spotlight today. The statements that also helped increase the price of BNB Coin reflect the exchange’s existing confidence. We are examining the details of the latest statements made by senior Binance executive Catherine Chen.
Binance News
Binance executive Catherine Chen views the $4.3 billion deal with the US last November as a turning point. One of the reasons for the ongoing crypto rally was the significant reduction of Binance FUD following this settlement. CZ stepped down and they agreed to pay $4.3 billion to escape charges from the Department of Justice and the CFTC.
As part of the agreement, Binance also employed an independent compliance monitor for three years. These two moves positively influenced investor confidence in the exchange. After the billion-dollar fine, there was no bank run incident to worry about. On the contrary, Binance’s comprehensive and ongoing scrutiny has led to a momentum gain for the crypto bull market.
Statements from a Binance Executive
At the Paris Blockchain Week panel on April 10, Catherine Chen described recent events as wonderful and expressed their confidence in themselves. She also emphasized that Binance is not worried about regulatory pressure, audits, and waves of regulation.
“(Regulatory efforts, audits, supervision) This is a challenge, but a pleasant one, and we fully embrace it because we know it will be great for the market.”
At the panel, Chen also said that having regulations in place has brought “much more clarity” to Binance users.
“People may see challenges for us, but actually, this is a great thing. It’s the best thing that could and should happen to the industry.”
At the same event, the current CEO of Binance, Teng, stated that they never had an official headquarters under Zhao’s management, but now they are determined to have a global center. The new CEO, who mentioned discussions with several jurisdictions, did not provide further details.
CZ, who stepped down from the CEO position, accepted the charges and Zhao’s penalty will be announced on April 30th.
