Binance CEO, Changpeng Zhao on Wednesday posted a bog acknowledging that the time is right for the cryptocurrency exchange to comply with regulations following crackdowns in several countries around the world.
In a blog post, Zhao further noted that the cryptocurrency sector is still full of uncertainty. He also acknowledges the need for regulations as the industry grows and becomes more complex.
“Compliance is a journey-especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility.”
In the UK, Binance UK Unit has been restricted from carrying out any activities in the country for failing to meet anti-money laundering requirements. The UK’s Financial Conduct Authority has ordered Binance to notify users that it was not permitted to carry out regulated activities in the country.
The world’s largest crypto exchange by trading volume has also been banned by regulators in Canada, Japan, and Thailand. Japan’s Financial Service Agency alleged that the crypto exchange agency was operating illegally in the country.
In Canada, Ontario’s Securities Commission (OSC) alleged that the firm had failed o comply with local regulations. Thailand’s Securities and Exchange Commission has filed a complaint against Binance for operating in the country illegally.
Binance is a four-year-old startup and, according to Zhao, has a lot of room to grow. Zhao insisted the compliance is necessary amidst the global crackdown.
“Binance has grown very quickly, and we haven’t always got everything exactly right, but we are learning and improving every day. We hope to clarify and reiterate our commitment to partner with regulators and that we are proactively hiring more talent, putting in place systems and processes to protect our users.”
Zhao added that Binance is taking several steps to improve regulatory compliance. The steps noted include; partnering with anti-crime organizations, hiring more talents, and localizing its operation in a market like the US.