How Binance is Acing the Compliance Game

Jul 30, 2021

Home 9 Cryptonews 9 How Binance is Acing the Compliance Game

There is a growing interest in the cryptocurrency markets around the world which has prompted the valuation of the entire market to grow over $2 trillion, with the recent boom in the prices of BTC and ETH being the catalysts for the supersonic growth. Cryptocurrencies have become more common a topic of discussion and debate, with all sorts of stakeholders having a say in it. However, certain events that took place over the course of the last couple of years have brought forth the burning issue of regulatory control over the operations of the crypto markets.

Differences of opinions on regulations

There are differences of opinion, as expected when it comes to regulations. Many feel that the very virtue of cryptocurrencies will be diluted if regulatory frameworks are enforced. Many also feel that regulations are important in order to protect the interests of the investors and provide a safety net so that frauds and instances of scams can be contained and the perpetrators punished as per the law.

Needless to say, both arguments have several nuances and yet both arguments have some inherent merits. In any case, a constructive and collaborative dialogue between policymakers and the crypto community is an important step towards a future enabled by cryptocurrencies.

Binance and compliance

Binance, one of the world’s most recognized and valuable crypto exchanges, is an important stakeholder in the cryptocurrency markets and therefore is directly affected by the regulations that are being created by various national authorities. With a daily trading volume of around $80 billion, total value locked on the Binance Smart Chain at around $45 billion, and close to 15 million users, Binance clearly leads the crypto movement. It is also a leader in innovation with alternative financial products that combine the best of DeFi and centralized digital finance. BNB, its platform token, has also soared in price and is currently the fifth most valuable cryptocurrency.

As a responsible and innovative digital finance company, Binance believes in setting the highest standards for itself and leading the industry when it comes to compliance with regulatory frameworks.

Compliance, as noted by the CEO of Binance, is a journey – one which Binance is undertaking as the whole cryptocurrency ecosystem evolves. The security of its users and advocating for cryptocurrencies is only possible when Binance proactively works towards becoming compliant to regulations and embraces regulation as a sign of the maturing of the crypto markets.

How Binance has scored the perfect goal by inducting a compliance expert to its team

In its quest to consistently uphold itself to its commitment to compliance with regulations, Binance has hired Jonathan Farnell as the Director of Compliance. Jonathan Farnell brings with him regulatory experience as well as expertise in the development of regulated products, which is a significant step in developing the team at Binance.

Farnell has previous experience working as the Director of Compliance at eToro Money UK and Head of Compliance at eToro X. The objective of bringing Farnell to Binance is primarily to drive compliance in the European markets. Along with that, he will also focus on developing game-changing and regulated products for Binance. He understands that the challenges faced by companies in the crypto ecosystem are unique and fast-paced. In his role as a director, he wants to help Binance grow and keep up with the changing requirements in the constantly evolving ecosystem. The addition of Farnell into the team signifies the commitment of Binance towards its users and regulators in fulfilling its compliance obligations.

Binance is making itself future-ready

The future has many possibilities in store for the crypto markets. Exchanges like Binance are leading the charge of alternative finance. However, by considering the interests of all stakeholders, even the blockchain revolution has to work within the ambit of existing laws and regulations and it is only natural that a leader like Binance takes the lead even in this.

By hiring a compliance expert like Jonathan Farnell, Binance is staying ahead of the curve and is taking the right steps to enable itself to prepare for and adapt to the evolving ecosystem of the crypto markets. As a proud partner of Binance, CFT believes in, and shares, the vision of Binance to empower every single individual with the financial means and alternative instruments to create wealth and share in the collective prosperity promised by the crypto revolution.

CFT has always supported an open, fair, and free market that stays within the ambit of existing laws so that there is no friction and people can reap the benefits of the new digital asset class.