Binance CEO Discusses Compliance Evolution and Crypto's Future
Compliance is key to raising bitcoin, according to Binance CEO Richard Teng.
He said that growth is a team endeavor and we only climb by boosting others.
Binance CEO Richard Teng has a crucial crypto industry message. The exchange posted his blog article via X, writing “we rise by lifting others.”
Teng started by emphasizing that the crypto sector is maturing and regulatory compliance is vital to user experience and safety, corporate success, and responsible expansion.
He said Binance marked the start of a new era by taking responsibility for all previous concerns in 2023, a first in blockchain.
He noted the exchange's harsh lessons that helped them guide the business.
Teng said that establishing compliance guidelines for the dynamic crypto and blockchain business is only one step. The other is other players' willingness to meet these requirements.
“A rising tide lifts all boats”
In recent years, Binance has extensively invested in compliance and security systems and staff. Binance aims to be the industry leader in these areas and an example for others.
Binance is proud of its compliance, security, and transparency culture, says Teng. Improved efforts include:
On-chain and off-chain monitoring
Enhancing KYC standards
augmenting the in-house staff and technology with top third-party suppliers
improving market surveillance
establishing the industry's top financial crime compliance section to aid worldwide crypto-related law enforcement.
sharing financial crime-fighting techniques with authorities
Teng believes compliance is a team effort and that the sector can only advance when everyone embraces compliance and maturity.
Teng said a rising tide lifts all boats, and Binance urges other key digital asset companies to work together to develop confidence, adopt responsible practices, and improve transparency and compliance.
He used the metaphor of the rising tide to emphasize that when good change hits a sector, everyone benefits.
