In a recent interview with BeInCrypto, Sacheendran, Binance’s Head of Regional Markets, emphasized the exchange’s unwavering commitment to compliance amid an evolving regulatory landscape. As one of the largest cryptocurrency exchanges globally, Binance has faced its share of challenges, particularly following the settlement involving its founder, Changpeng Zhao (CZ). In this article, we explore the exchange’s current compliance efforts, the relationship with CZ post-settlement, and the broader industry outlook for cryptocurrency.
Progress In Global Regulatory Compliance
Sacheendran addressed the perception that Binance only began focusing on compliance after CZ’s settlement. “It’s a bit unfair to say that we have only been paying attention to compliance from when CZ had a settlement,” he stated. “Compliance has been our focus for over four years.” Despite being a relatively young company, Binance has prioritized regulatory adherence, having grown its compliance team from 500 to nearly 600 employees, with plans to expand to 700-800 by year-end.
Sacheendran highlighted the significance of the Department of Justice (DOJ) settlement, explaining that it stemmed from the company’s early years when regulatory frameworks were still developing. “They mention that we have done a good job with the compliance program since then,” he noted. Recently, Binance achieved its 19th registration in India, further underscoring its dedication to regulatory compliance.
The Future Relationship with CZ
Regarding the future role of CZ in Binance, Sacheendran clarified, “He is only the ultimate shareholder. He’s not involved at all, and that was part of the settlement.” CZ’s absence from daily operations allows Binance to operate independently and concentrate on compliance. The executive hinted that market trends, particularly anticipated U.S. federal rate cuts, could have a more significant impact on the industry than CZ’s situation.
The Crypto Industry Outlook
Looking ahead, Sacheendran expressed optimism about the crypto industry’s future. “2025 is going to be a very interesting year for crypto,” he remarked. As regulatory frameworks begin to catch up with innovation, there is a growing sense of collaboration between regulators and the crypto sector. “We need to start looking at crypto education from the grassroots level,” he emphasized, sharing Binance’s initiatives in Kazakhstan to teach blockchain concepts in schools.
In addition to fostering education through Binance Academy, the company collaborates with regulators and law enforcement worldwide, offering training on compliance and cybersecurity. “Just like how you did mandatory AML and KYC training when you joined a bank, I think these things should be mandatory for crypto, too,” he insisted, highlighting the need for increased education to demystify the industry.
Sacheendran also discussed how various jurisdictions are approaching crypto regulation. He praised Japan for its early adoption of a comprehensive framework focused on anti-money laundering (AML) regulations. He recalled being part of the team that developed the Abu Dhabi Global Market (ADGM) framework, illustrating that different regions have distinct perspectives on regulating the industry.
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Countries in the MENA, Latin America, and Southeast Asia are seeing high crypto adoption rates, with Indonesia, Thailand, and India leading the way. As Sacheendran noted, successful jurisdictions will balance regulation without stifling innovation, ensuring that the crypto industry can thrive in a compliant environment.
Binance’s commitment to compliance and education, alongside its strategic focus on global regulatory frameworks, positions the exchange as a leader in the cryptocurrency space. As the industry evolves, the insights shared by Sacheendran reflect a proactive approach that could shape the future of crypto regulation. With ongoing efforts in compliance and education, Binance is not just weathering regulatory challenges but is also paving the way for a more informed and responsible crypto ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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