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Proof of State author: Binance CEO views appointment of compliance monitor 'as a competitive advantage'

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Binance CEO Richard Teng | X/_RichardTeng

Leo Schwartz, the author of Fortune Crypto's Proof of State newsletter, has stated that Binance CEO Richard Teng views the appointment of a compliance monitor as a "competitive advantage". According to Schwartz, this move demonstrates the company's willingness to comply with regulations. He shared these insights in his April 10 newsletter.

"While the presence of U.S. Feds in every aspect of Binance may seem like a turnoff for the exchange's international user base, Teng stressed that he viewed the appointment as a competitive advantage," said Schwartz. "This is also a demonstration of our willingness—a demonstration of our ability to comply with all the rules and regulations,' he told me. As the platform preserves its market dominance, the numbers seem to back up his bold proclamation—at least for now."

In an event held on April 9 during Paris Blockchain Week, Europe's largest digital asset conference, Schwartz moderated a fireside chat with Teng. This information was also shared in the aforementioned newsletter.

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The U.S. Department of Justice (DOJ) reached a settlement with Binance on Nov. 21 over historical compliance issues, according to a DOJ press release. As part of this resolution, Binance agreed to pay $4.3 billion in penalties and permit a third-party monitor access to its transactions and accounts. Binance co-founder Changpeng Zhao agreed to step down from his role as CEO and plead guilty to failing to maintain an effective anti-money laundering program.

Following the settlement, Teng assumed the role of CEO at Binance. Since then, according to Schwartz, Binance has gained almost 20 million new users. Teng brings a strong regulatory background to his role at Binance, having spent 14 years working at the Monetary Authority of Singapore and another six years as CEO of Abu Dhabi Global Market.

Elja Boom, co-founder of crypto wallet provider Okse, expressed confidence in Binance's financial health post-settlement in a December post on X platform. Boom cited data from decentralized finance aggregation platform DefiLlama showing that inflows to Binance totaled approximately $1.5 billion during the week leading up to Dec. 8. The exchange's on-chain assets total $74 billion—more than the combined total of the next 30 largest crypto exchanges. Boom asserted that these figures demonstrate trust from nearly 170 million global users and attest to robust compliance controls at Binance. He further stated that Binance is setting a benchmark and exemplifying financial vigor and resilience.

Schwartz, according to his LinkedIn profile, conducts research on the global impact of crypto. His past experience includes working as a web editor for the North American Congress on Latin America. He holds degrees from Columbia University and New York University.

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European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

UK’s digital assets bill brings much-needed clarity to digital asset regulation

On November 6, the UK government issued an updated version of the Property (Digital Assets Etc.) Bill, clarifying its approach to defining digital assets, including crypto tokens, as recognized property under English law. The update aims to provide greater security and clarity for individuals and businesses engaging with digital assets.

Nov 20, 2024

Outlier Ventures CCO: People may use a 'more efficient, much less costly system to achieve the same user benefit'

Matt Law, Chief Commercial Officer at Outlier Ventures, said that it would not "surprise" him if many people embrace "more efficient," cost-effective systems like tokenization to gain the "same user benefit."

Nov 16, 2024

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