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Binance CEO: 'Our commitment extends beyond mere compliance'

Webp teng 4
Binance CEO Richard Teng (left) speaking at Paris Blockchain Week 2024 | YouTube/SorobanDeveloper

Binance CEO Richard Teng has affirmed that Binance's commitments extend "beyond mere compliance" and demonstrate "a willingness to adhere to all regulations." Teng voiced this statement during Paris Blockchain Week on April 9.

"Our commitment extends beyond mere compliance; we aspire to elevate our standards, showcasing a demonstrable willingness to adhere to all regulations," said Teng, according to YouTube. "A robust program instils confidence in our users."

According to a video of his speech on YouTube, Teng revealed at the conference that one of the top three commitments he established upon assuming the role of CEO at Binance is to "work collaboratively with regulators to uphold standards."

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Teng assumed the position of CEO after Binance reached a settlement with the U.S. Department of Justice (DOJ) on November 21 over historical compliance issues, as stated in a DOJ press release.

During the investigation leading up to this resolution, several U.S. government agencies identified past compliance issues within the company but also recognized the improvements Binance had made to rectify these issues, according to a post on Binance's website. Numerous government agencies commended Binance’s enhanced compliance program. The U.S. Financial Crimes Enforcement Network (FinCEN) consent order stated that Binance "remodeled its compliance program governance and organization structure, including by hiring new compliance leadership with professional compliance experience in the financial sector and law enforcement." Moreover, it was noted in the consent order that "Binance’s current compliance program would not permit users identified as associated with terrorist financing to remain on the platform or remove funds."

Paris Blockchain Week is a digital asset conference taking place from April 9-11, as per information from the event's website. Alongside Teng, other featured speakers at the conference include Stellar Development Foundation CEO Denelle Dixon, Ledger CEO Pascal Gauthier, and Ripple CEO Brad Garlinghouse.

Before joining Binance in August 2021, Teng held several prominent positions such as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Chief Regulatory Officer of Singapore Exchange (SGX), and Director of Corporate Finance at the Monetary Authority of Singapore, as per Binance’s website.

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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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