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The exchange plans to fill several positions, focusing on those that would help it align its global regulations.
Richard Teng, Binance CEO, responded to an earlier X post accusing the leading cryptocurrency exchange of funds seizure. He clarified that growing community concern about censorship is geared towards generating FUD (Fear, Uncertainty, and Doubt). Teng clarified the growing situation on X, citing Binance’s interest in complying with authorities globally.
Binance Gets Blamed for Palestine Misfortune
According to Ray Youssef, the CEO and Co-founder of the peer-to-peer Bitcoin marketplace Paxful, Binance confiscated the funds from all the Palestinians at the request of the Israel Defense Forces (IDF). He also noted that all appeals to the exchange have fallen on deaf ears as Binance has yet to return the funds.
The crypto advocate highlighted the impact of this move on Palestinians while also suggesting that Syria and Lebanon are likely next in line.
“All Palestinians are affected, and judging by the way things are going all Lebanese and Syrians will get the same treatment. Not your keys, not your coins,” Youssef said.
In response to these statements, Teng said that only a few accounts found to be connected with illicit funds were blocked from conducting transactions. As a global crypto exchange, Teng claims that Binance complies with internationally accepted Anti-money Laundering (AML) legislation. He concluded his X post with a goodwill message to Palestine.
FUD. Only a limited number of user accounts, linked to illicit funds, were blocked from transacting. There have been some incorrect statements about this.
As a global crypto exchange, we comply with internationally accepted anti-money laundering legislation, just like any other…
— Richard Teng (@_RichardTeng) August 28, 2024
The exchange’s CEO said the firm will continue to educate users on how to safely and securely transact on the platform. This will help ensure they do not violate legislation. Meanwhile, Binance is taking other steps in its bid to prioritize regulatory compliance.
The exchange plans to fill several positions, focusing on those that would help it align its global regulations.
Binance to Expand Compliance Team
Binance wants to hire 1,000 new employees by the end of 2024. As it was confirmed earlier, around 200 positions will be dedicated solely to bolstering its compliance team. In addition, the exchange plans to allocate $200 million this year toward regulatory compliance. All these efforts come as Binance grapples with compliance challenges in multiple countries.
In the United States, the digital asset service provider was charged with failing to prevent illicit activities on its platform. In 2023, it entered a plea agreement with the Department of Justice (DOJ) to pay a hefty $4.3 billion penalty. There is still a pending enforcement action with the US Securities and Exchange Commission (SEC) over supporting unregistered securities.
Its executives are also facing charges in Nigeria over tax concerns. Amid this, the exchange said it is committed to complying with these regulators, and this sentiment is evident in its moves. About a week ago, Binance settled with the Financial Intelligence Unit in India, paying off a $2.25 million fine.
It did the same with Brazilian regulators at the beginning of August.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
