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Binance plans on doubling its compliance team amid regulatory concerns.

Binance Coin regains $400 price level as its market cap crosses $60 billion.


Recently, authorities in Britain, Japan, Germany, and Thailand have raised concerns about the crypto exchange Binance, one of the largest, amid a worldwide crackdown on cryptocurrencies. “Binance has grown very quickly, and we haven’t always got everything exactly right,” chief executive Changpeng Zhao said in a blog posted on the company website. Binance has responded to the flurry of regulatory attention that has come recently from regulators around the world. 

 

“Binance has grown very quickly, and we haven’t always got everything exactly right.”

“Binance has grown very quickly, and we haven’t always got everything exactly right,” CEO Changpeng Zhao said in a letter posted on the company website. Recently, monthly trading volumes over the exchange have soared to more than $660 billion in June, according to data from CryptoCompare. Regulators across countries are worried about criminals using cryptocurrencies for money laundering purposes and investors falling victim to scams in the red-hot sector. Britain’s financial watchdog last month barred Binance from carrying out regulated activities in the country. The crypto exchange giant has received similar warnings from other countries as well.  

 

Thailand SEC warned Binance.

As reported earlier, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance for illegally offering services in the country. “Following tips and the SEC’s further inspection, it was found that Binance has provided platform services for trading cryptocurrencies via its website by matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement or match the order for persons who wish to trade or exchange digital assets,” SEC noted in its official announcement. The financial watchdog detailed that it had also issued a warning letter against Binance on April 5, but the crypto exchange failed to respond.  



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