How Binance is Ensuring Legal Compliance with US Authorities Amidst Industry Scrutiny?
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At a time when US authorities are discussing possibilities to create a better legal framework for the cryptocurrency industry, Binance co-founder He Yi has revealed the measures taken by the crypto exchange to ensure its compliance with the country’s law enforcement framework. Here is everything you should know about He Yi’s revelations.
While explaining how Binance ensures legal compliance, He Yi stated that the organisation has at least two US law enforcement coordinators. She added that the duty of these officials is to ensure compliance and cooperation with US authorities.
Emphasising how intolerant Binance is towards misconduct and fraud, He Yi claimed that the organisation has conducted as many as 120 internal investigations in the last two years.
Over 60 Employees Fired for Violations
Brighting the spotlight over the tougher actions Binace has taken to ensure its compliance with the law enforcement framework, He Yi pointed out that as many as 60 employees have been terminated for their roles in the revealed violations in the last two years.
Importantly, He Yi revealed that at least $30 million, connected to illegal activities, has been recovered in the last two years.
Highlighting that Binance’s battle against misconduct and fraud is an ongoing process, He Yi noted that the organisation is currently involved in two cases of litigation and pursuit.
Binance Exchange: A Short Overview
Binance, created in 2017, is one of the most successful centralised crypto exchanges. It has a trust score of 10 out of 10. Right now, there are no fewer than 394 coins and 1335 trading pairs on the exchange. Binance’s 24-hour trading volume stands at $64,764,391,736. In the last 24 hours, it has experienced a change of +237.7%. As exchange reserves, it holds $144,954,885,608.87.
ETH/USDT, BTC/USDT, BTC/FDUSD, XRP/USDT, and ETH/FDUSD are Binance’s top five trading pairs.
BNB, the exchange’s token, has a market cap of $83,739,348,716. In the last seven days, the BNB price has dropped by 11.4%. Meanwhile, in the last one hour, it has surged by 0.4%.
Binance’s ongoing compliance efforts highlight its dedication to regulatory standards and internal accountability. With recovered illegal gains, employee terminations for violation , and active legal cases, Binace is striving to maintain transparency and trust in the crypto industry.
