Global crypto crackdown, Binance promises to double international compliance team by 2021 end

Around the world, regulators are worried about criminals using cryptocurrencies as a conduit for money laundering and about investors falling victim to scams in the red-hot sector.

Cryptocurrency exchange Binance plans on doubling its compliance team and said it will “humbly welcome more capable talents” as it faces a blizzard of global regulatory probes. Authorities in Britain, Japan, Germany, and Thailand have raised concerns about the exchange, one of the largest, amid a worldwide crackdown on cryptocurrencies this year.

Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. Japan’s regulator has said Binance was operating there illegally and Germany’s watchdog has warned it risked fines for offering tokens connected to stocks.

Cryptocurrency market is in the green on July 11

Reacting to the development, Binance Chief Executive Changpeng Zhao said Binance’s international compliance team and advisory board had grown “by 500 percent since last year” and planned to double by the end of 2021, without giving figures for intended hires.

scrutiny of the mostly unregulated industry showed it was “maturing”.

“The adoption and development of crypto have many parallels with that of the car,” Zhao wrote

When the car was first invented, there weren’t any traffic laws, traffic lights, or even safety belts. Laws and guidelines were developed along the way,” he said. “Crypto is similar.”

“Our vision is to increase freedom and inclusion for a better human society,” Zhao wrote. “We humbly welcome more capable talents and experienced advisers to join us to build better.”