Crypto News– Binance‘s landmark $4.3 billion settlement with the United States last year marked a turning point for the exchange, according to Catherine Chen, its head of institutional and VIPs. Chen stated that Binance is embracing the coming wave of regulation.
The US settlement with Binance marked a turning point, says executive
As part of the settlement, Binance agreed to employ an independent compliance monitor for three years and to be monitored by the U.S. Treasury for five years. Chen expressed her positive view on this, describing it as ‘frankly, a great thing from my perspective,’ during a panel discussion moderated by Cointelegraph editor-at-large Kristina Cornèr at the Paris Blockchain Week on April 10.
Chen also dismissed concerns about Binance’s performance being affected by the monitoring agreement, asserting that the exchange had been preparing for it.
It is a challenge, but it’s a welcome challenge, and we fully embrace it because we know that that would be great for the market.
Catherine Chen
In November 2023, Binance, Binance.US, and co-founder Changpang CZ Zhao paid the U.S. government $4.3 billion to settle charges of violating Anti-Money Laundering (AML) and sanctions laws.
On April 9, Binance’s new CEO, Richard Teng, told CNBC that the company was operating in a certain fashion,’ but it had ‘moved past that as the company moves into greater maturity.
During an on-stage interview at Paris Blockchain Week on the same day, Teng mentioned that the exchange, known for not having a formal headquarters under Zhao, was seeking a global HQ and was speaking to a few jurisdictions.
Meanwhile, the Securities and Exchange Commission is still pursuing charges against Binance, Binance.US, and Zhao, alleging the sale of unregistered securities and the commingling of customer assets — accusations that Binance refutes.
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