Binance CEO Says ‘Compliance is a Journey’

The boss of Binance made it clear what he thinks. He thinks that the industry of Cryptocurrency is not going in a good direction and that there is so much more room to grow in this aspect.

“Compliance is a journey – especially in new sectors like crypto,” Changpeng Zhao, CEO of Binance, said in a blog post. “The industry still has a lot of uncertainty,” he added. “We also recognize that with the growth comes more complexity and more responsibility.”

Binance CEO Says 'Compliance is a Journey'

Changpeng Zhao, CEO of Binance

Binance, the world’s largest crypto exchange by trading volumes, was ordered to add a notice in a prominent place on its website and app showing U.K. users that it is not permitted to carry out any regulated activity in the U.K.

Last week, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance, alleging the firm was operating in the country without authorization.

“As a four-year-old startup, Binance still has a lot of room to grow,” Zhao said. “Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day.”

“We hope to clarify and reiterate our commitment to partner with regulators, and that we are proactively hiring more talent, putting in place more systems and processes to protect our users,” he added.

Cryptocurrencies had a solid start to the year, with bitcoin rallying to an all-time high of almost $65,000 in April. But they’ve since fallen sharply, with the overall crypto market capitalization losing more than $1 trillion in the last two months.

What the future holds is truly something that we need to wait and watch. We need to have patience and calm in such a situation.