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Binance launches a six-part video series asking in-house compliance experts to talk about the company’s efforts in this area.
In the first video, Binance’s compliance team debunks the biggest misconceptions about the cryptocurrency and blockchain industry.
The cryptocurrency industry is developing at a rapid pace, and it is understandable that the outside world has misunderstandings about the technology behind it. To set the record straight, we asked some members of the company’s compliance team to talk about their views on the blockchain industry and what actions they are taking to help Binance promote the free flow of currency around the world.
This is the first of a series of 6 blog posts in which we will feature interviews with leaders of the Binance Compliance team and get their perspectives on a variety of issues.
The first question we asked was: What is the biggest misconception about Binance and the cryptocurrency industry? You can hear them out in the video below:
The video above features several key leaders who are committed to ensuring that Binance’s business complies with complex and often unclear regulatory requirements around the world. Some of them also work with law enforcement agencies in multiple countries to make the cryptocurrency world a safer place.
In this video, Matt Price, Binance's global head of intelligence and investigations, points out that the biggest misconception is that the anonymity of cryptocurrency creates opportunities for illegal activities. The opposite is true. All cryptocurrency transactions have a public and permanent record, which provides a lot of convenience for investigators. Compared with traditional financial investigations, the transparency of cryptocurrency makes it easier for investigators to identify criminals.
Richard Teng, head of Binance Europe, Middle East and North Africa, pointed out that traditional media have been reporting negatively on the cryptocurrency and blockchain industries, making the outside world feel that the industry is full of illegal funds. But in fact, the total amount of money laundering in the traditional fiat currency field is as high as 800 billion to 2 trillion US dollars. The total amount of money laundering in the cryptocurrency field is only 0.03% of that in the fiat currency field, which can be said to be negligible.
Binance Compliance Officer Steve Christie also addressed the misconception that cryptocurrencies are vulnerable to criminals and have no intrinsic value. He also pointed out in the video that the problem of crime in the cryptocurrency field is greatly exaggerated. The vast majority of activities in the industry revolve around legitimate investments and real use cases. All of this has the potential to change the face of the global economy.
Tigran Gambaryan, Binance's Head of Financial Crime Compliance, gets straight to the point in the video. He emphasizes that cryptocurrencies are probably the worst way to launder money. On the contrary, transactions in the crypto space are incredibly transparent, which allows law enforcement to do their work more effectively. Tigran used to work in law enforcement. Now, he's a member of Binance and works in the crypto industry. He presents his unique perspective in the above video.
We’ll be bringing you more expert insights in the coming weeks. Stay tuned!