Binance has announced that it is reaching a resolution with US regulators. The issues in question pertain to compliance, registration, and sanctions. Authorities involved in the case are the Office of Foreign Assets Control, the Commodity Futures Trading Commission, the US Department of Justice, and the Financial Crimes Enforcement Network. The development has been shared with the commitment to carrying out the growth of Binance for the next 50 years while also acknowledging a change in leadership.
Binance has accepted that there were areas where it lacked the necessary control in the initial years, not expecting the venture to grow rapidly across the globe. However, it has done its best to keep up with the pace and comply with all the necessary regulations and laws. Since 2017, Binance has taken responsibility for any misguided decisions it may have made during its operation.
However, the organization has upheld its dedication to safeguarding consumer funds by permitting them to withdraw their entire deposits without incurring any loss. The assets have a 1:1 backing.
The announcement provides clarification that the US agencies have not levied any allegations against the company regarding misappropriation of funds or market manipulation. This is the identical statement that CZ referenced in his X, formerly Twitter post announcing his resignation as CEO. His tenure as the dominant shareholder and consultant will persist.
On top of that, Richard Teng has been named as the next CEO of Binance. He has over 30 years of experience and was previously working as the Global Head of Regional Market for the crypto firm. His experience is in the segment of financial services and regulations.
Binance mentioned in the announcement that its AML compliance is now an industry standard. At the same time, CZ has reportedly pleaded guilty to AML, and Binance has been found failing to report over 100,000 suspicious transactions.
Headquartered in Malta, Binance functions with its native digital token, BNB. It has taken a hit of 9.21% in the last 24 hours to bring the exchange value to the point of $235.99 at the time of articulating this piece. The crypto venture also has more than a hundred trading pairs available on the platform.
Binance is currently in the process of reaching a resolution with US authorities, further emphasizing its commitment to transparently collaborating with law enforcement agencies.
For instance, the company has more than 70 members dedicated to cooperating with law enforcement officials and agencies. The crypto firm has processed 52,700+ law enforcement requests from January 1, 2023, to November 13, 2023, across the world.
This aspect of SAFU has been addressed. That marks the characteristic of being transparent to boost the Secure Asset Fund for Users (SAFU).