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Home»EXCHANGE NEWS»Binance Announces Resolution with U.S. Agencies, Shares Compliance Improvements
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Binance Announces Resolution with U.S. Agencies, Shares Compliance Improvements

By Crypto FlexsDecember 13, 20233 Mins Read
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Binance Announces Resolution with U.S. Agencies, Shares Compliance Improvements
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Binance said it has agreed to robust monitoring of its compliance and sanctions control program.

Popular cryptocurrency exchange Binance says it has made significant progress with regulators. This comes after recent clashes with regulators such as the U.S. Securities and Exchange Commission (SEC) and the U.S. Securities and Exchange Commission (CFTC).

In a blog post Tuesday, the exchange acknowledged that it may have gotten things a little wrong in the past. That means you may not have taken into account how quickly your company is growing and updating your compliance management.

Binance welcomes the scrutiny and is currently cooperating with regulators

In light of recent events, Binance has reiterated its commitment to regulatory compliance. The company said it is always open to scrutiny because it understands it will help it stay on track. Part of the statement reads:

“We have faced, and indeed welcomed, unprecedented scrutiny that has shed light not only on the problems of our past, but also on the various ways in which we have sought to address them. “Now is the time to move on.”

In connection with the scrutiny, Binance said it has agreed to robust monitoring of its compliance and sanctions control programs. The company believes that working with U.S. agencies is the only way to improve its platform and make it safer and more secure for users.

Interestingly, Binance also felt the need to verify its claims of progressive compliance. We shared excerpts from relevant organizations acknowledging that they are more than willing to cooperate to keep the platform in good standing. This includes orders from agencies such as the Financial Crimes Enforcement Network (FinCEN), the Department of Justice (DoJ), and the Office of Foreign Assets Control (OFAC).

The agencies appear to have agreed that Binance cooperated fully during the investigation. They also agree that the platform has taken the necessary steps to correct its wrongdoing. This commitment is evident in the proactive work we have undertaken with law enforcement agencies around the world.

For example, FinCEN noted in the order that the platform has remodeled its compliance program governance and organizational structure. We have also hired a new Compliance Leadership Service with extensive experience in the financial sector and law enforcement.

In terms of anti-money laundering (AML) and countering the financing of terrorism (CFT), the DoJ confirms that Binance has already taken the necessary steps by implementing a “company-wide AML/CFT and sanctions risk assessment from November 2022.”

Overall, Tuesday’s blog post appears to be an attempt by Binance to calm users’ nerves. This comes after a recent surge in regulatory scrutiny raised fears among users of the platform. So much so that an unusual leak occurred recently.

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