Market Analysis Report (07 Jul 2021)

Binance CEO Changpeng “CZ” Zhao has addressed the recent regulatory pressure the exchange is facing in an open letter, in which he said more regulations are “positive signs” for the crypto industry.

In the letter, CZ likened the pressures against his exchange to that of the initial development of the car, drawing parallels to regulations around vehicles when they were first created and detailing “laws and guidelines were developed along the way.”

The CEO’s words come after Binance was caught in a web of regulatory developments that saw several jurisdictions including the Cayman Islands, the U.K., Thailand, and Singapore warn against the trading platform.

CZ reiterated that Binance has stringent insider trading policies and other requirements to keep the platform compliant, and a Secured Asset Emergency Fund (SAFU) was created to protect users’ assets.

The exchange has seemingly tried to stay ahead of the regulatory curve by hiring former members of the Financial Action Task Force to its advisory team earlier this year. Per CZ, compliance “is a journey” and with growth “comes more complexity and more responsibility.”

Source: https://www.cryptocompare.com/email-updates/daily/2021/jul/07/