Compliance and User Protection Remain Binance’s Top Commitment

The Covid-19 pandemic hit every possible industry in the world. Many companies had to shut their doors as people lost their jobs in large numbers. Future looks concerning with new variants coming up nearly every quarter.

Markets are recovering, and people are now trying to get their jobs back.

One industry that grew amid all these ups and downs was the Crypto and Blockchain industry. The previous year has been marked with excellent figures. The industry grew to cross $3 trillion in market capitalization. Factors that contributed to this achievement were Decentralized Finance and non-fungible tokens, to name a few.

Binance’s Priority

While non-fungible tokens enabled all the artists to put out their artwork, Decentralized Finance, also known as DeFi, turned heads towards the industry like never before.

Regulators noticed the rising adaptation to express their unsettlement over the lack of regulations on the industry. Many Crypto platforms and traders went against the move stating that it was not upholding the standard principle of digital assets being decentralized.

Binance, on the other hand, rose to the occasion to cooperate with regulators across the world. This has enhanced the company’s integrity and popularity. Read our Binance review to know why the platform is a top choice for beginners in crypto investing.

The platform has been committed to its user-focused model even before regulators pointed it out.

CZ, the Founder and Chief Executive Officer of Binance, believes that the platform prioritizes the best interest of its users, a goal that the platform shares with regulators.

Towards that goal, Binance has taken steps to emphasize its seriousness with regard to compliance and user protection.

In January 2022, Binance became a member of the National Cyber-Forensic and Training Alliance. It became the first platform in the Crypto and Blockchain industry to do so. Joining the alliance highlights the focus on fighting against terrorism financing, ransomware, and cybercrime.

Also known as NCFTA, the alliance urges its partners to focus severely on identifying, validating, mitigating, and neutralizing cybercrime threats.

Next, Binance launched an API tool for its users to track their Crypto activities. This enables them to prepare their tax reports and fulfill the requirements of their respective country’s regulators.

Binance revealed that it had kept the Secured Asset Fund for Users aside. It was last valued on January 29, 2022, at $1 billion. The fund safeguards users in extreme cases. Binance is reportedly the first platform in the crypto and blockchain industry to have kept the secured asset Fund for Users.

Some more steps taken by Binance to emphasize its seriousness about compliance and user protection include hiring for an international compliance team and advisory. The figure for which grew by 500% in 2021. Additionally, the platform implemented a law enforcement request system, which can be used by enforcement and government agencies to submit information requests.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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