Binance’ CZ supports the crypto regulation initiative of the United States
The chief executive officer of the Binance crypto exchange appreciated the move of the US government of introducing a new precise regulatory crypto framework.
On 17 September, Changpeng Zhao, CEO & founder of Binance exchange, took to Twitter to share his opinion on the US crypto regulation approach, which was proposed by different Fed agencies in the country.
Zhao said that he is happy to see the new step of the US government to regulate the crypto industry because it will help innovation & consumer protection.
“It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers, and markets and spark responsible innovation.”
Binance CEO also emphasized the need for a proper approach to introduce the crypto regulation, which should maintain the fundamentals & basics of the nature of crypto assets.
The correct regulations will drive technological innovation and preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice. (2/9)
— CZBinance (@cz_binance) September 16, 2022
Further, Binance’s CEO admired the proposed crypto law of the US because it was mainly focused to ensure the safety of the customers and prohibit illegal activities.
For the same, Binance’s CEO said that the exchange hired many new members to make Binance a high compliance firm.
“We have grown our compliance team by 500% and launched law enforcement training worldwide to scale our support.”
With the expanded compliance team, Binance aimed to fight against the bad actors to prohibit financial crime and comply with all Anti-money laundering rules.
“Ensuring sustainable growth of the global crypto ecosystem also involves doing our part to strengthen international financial crime and counter-terrorism efforts. We are always expanding our in-house anti-money laundering (AML) detection and analytics capabilities.”
Further Zhao said that Binance aimed to work on all the factors which will enhance the use of blockchain & crypto in financial inclusion to make the payment system much better.
We embrace the opportunity to work with regulators and the industry as they seek to establish a global regulatory and compliance framework suitable for the industry. (9/9)
— CZ
Earlier this, Binance CEO appreciated the crypto regulation framework of the European Union, which was developed by Markets in Crypto Assets (MiCA). Zhao said that MiCA’ proposed crypto framework is better and it can be used as a global crypto regulation standard and also can be copied easily by any country to regulate the crypto sector.
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