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The world’s largest cryptocurrency exchange Binance announced a significant strategic shift by increasing its annual spending on compliance measures. The company raised its compliance spending by 35% from the previous year to $213 million to acquire advanced software systems aimed at more effectively detecting and reporting suspicious transactions. This budget increase reflects Binance’s deeper integration with regulatory norms and a robust compliance culture.
Binance, Richard Teng Liderliğinde Gücünü Artırıyor
Binance’s new CEO Richard Teng highlighted the company’s strong efforts in the area of compliance, bringing to the forefront the evolving culture of compliance. Under the leadership of Teng, who took over from previous CEO Changpeng Zhao, the company is following a significantly different strategy from its previous operational approach.
This change in compliance strategy comes as part of Binance’s efforts to resolve issues with US authorities. The settlement, involving over $4 billion in fines, aims to ensure Binance’s compliance with regulatory standards and requires the appointment of a court-approved monitor.
The appointment of the monitor will be a critical step in preventing past practices and aims to address past practices that have attracted regulatory scrutiny alongside Binance’s rapid expansion. Binance’s operational tactic change is happening in parallel with the industry’s overall trend towards transparency and regulatory compliance.
Despite these challenges, Binance demonstrated its strength and high compliance capability by securing over $3.5 billion in new funding just in January. This influx of financial resources helped the cryptocurrency exchange’s total assets exceed $80 billion, signaling a strong ability to successfully navigate regulatory hurdles.
Steve Christie Yönetici Ekibine Geri Döndü
The change in Binance’s compliance strategy is also confirmed by the return of Steve Christie to the executive team. Christie’s leadership highlights the cryptocurrency exchange’s determined efforts to enhance its compliance capabilities.
Having previously served as the chief compliance officer at Morgan Stanley, Christie has a wealth of experience in preventing financial crimes. In this capacity, he represents a significant part of Binance’s efforts to leverage its technological resources to improve compliance capabilities.
