Binance’s US settlement was a ‘turning page’, says exec
Binance's record-breaking $4.3-billion settlement with the United States last year is “welcoming the incoming regulatory wave,” said Catherine Chen, head of institutions and VIPs.
The settlement also saw Binance hire an independent compliance monitor for three years and agree to a five-year U.S. Treasury monitor, which Chen said at a Cointelegraph-moderated April 10 Blockchain Week panel in Paris “is a very good thing from my perspective.” Editor-in-chief Christina Korner.
Chen also dismissed concerns that Binance's performance would be affected by the monitoring agreement, saying it was “preparing for it.”
“It's a challenge, but it's an interesting challenge, and we fully embrace it because we know that's going to be good for the market.”
In the year In November 2023, Binance, Binance.US and co-founder Chanpang “CZ” Zhao paid $4.3 billion to the US government to settle charges of violating anti-money laundering (AML) and sanctions laws.
Zhao agreed to step down as CEO and pleaded guilty to failing to maintain the AML program. He faces up to 18 months in prison, with sentencing set for April 30.
On the panel, Chen said the implementation of the regulation would “give a lot more transparency” to Binance users and “help them become more comfortable with the industry as a whole with the asset class.” [and] With major players.
Although people see challenges for us, it's really great. It is the best thing that could and should happen to the industry,” she added.
Related: Philippines SEC ‘Can't Support' Ways to Withdraw Money After Binance Ban
Binance's new CEO, Richard Teng, told CNBC on April 9 that “it was working in a certain way” but “it's beyond that as the company moves to greater maturity.”
In an interview on stage at Paris Blockchain Week that same day, Teng said the exchange — famous for never having a formal headquarters under Zhao — was looking for a global headquarters and was “talking to a few provinces.”
The Securities and Exchange Commission is still pursuing charges against Binance, Binance.US, and Zhao, alleging that they sold unregistered securities and commingled client assets—a charge Binance has denied.
Magazine: ‘SEAL 911' White Hat Team Formed To Fight Crypto Hackers In Real Time
