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In many regions the strict instructions of the representative circle on the commerce of cryptography prevent the use of digital resources in AML and the start of illegal revenue. Although Binance's main policy focuses on a real commercial crypto-crypt, it also supports tightly-controlled fiat-to-crypt exchanges in Uganda and soon in Singapore with the support of the Singapore plants and the native monetary institutions.
Binance has voluntarily associated with Chainalysis, a blockchain information analysis firm, without any regulatory pressure, to track transactions and portfolios that could be complicated in false and criminal operations. In October, Wei Zhou, CFO of Binance, said that:
Working with Chainalysis, we can continue to build a first compliance program that will allow the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and to increase the global freedom of money in compliance with regulatory requirements in the countries we serve. Short-term solutions, strict guidelines to ensure a high level of security, transaction monitoring, anti-KYC and anti-counterfeiting systems. The money-laundering solution (AML) is really a viable option. Confirmation for established exchanges, however, as recently proposed by Japan, self-regulatory status could be considered a prerequisite for regulating the rapidly growing crypto-currency market.
Binance CEO Changpeng Zhao was well known for daily updates on possible updates, announcements and changes in connection with the exchange. In the previous examples where the company performed important file or server information, Binance, as well as the CZ team, provided hourly information, safeguarding that the resources of the investors on the platform remained benign.
Despite the perturbations and doubts of the market, the CEO said that Binance is still very violent in following his drive, the need in which the company has set new signals in 2019. One of these signals, Zhao , is a strategy to undertake its decentralized exchange in 2019 to leave a lot of freedom to its customers.
He also referred to the fact that Binance greets regulatory participation in the encrypted space by all administrations across the country, provided there is sufficient clarity to combat current doubt. From his point of view, practical and good rules will encourage rather than good innovation.
When asked about the performance of his personal cryptocurrency portfolio valued at $ 2 billion at the beginning of the year, he responded by saying that while he can not confirm the current value – due to the varying composition and the minute changes in the portfolio – has actually taken a hit in line with market performance in 2018. Despite this, he said that his confidence in the industry remains unchanged.
