Binance CEO Changpeng Zhao responded to regulators’ recent attempts against Binance.
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In a statement posted on Binance’s website, Changpeng Zhao, known by the acronym CZ, said it was only fair to disclose its regulatory compliance considering the company’s only four years of growth.
CZ stated that, contrary to what many regulators want to portray about the exchange, Binance cares about its customers and goes to great lengths to help them keep their funds safe, and also offers educational materials on cryptocurrencies and investments.
Additionally, the exchange works with regulators and law enforcement agencies to help monitor common crypto-related cybercrimes such as money laundering, fraud, and terrorist financing.
“So far in 2021, we have assisted 5,600 inquiries, which is 100% more than last year”
CZ added that part of the company’s tremendous growth in just four years is due to the numerous decisions Binance has taken to protect the interests of its users, which is why customers choose to use their services.
“Regulatory Frameworks Are Important for the Crypto Industry”
CZ said he believes the company believes the sooner the crypto market is regulated, the better, to achieve its vision of increased freedom and global inclusion for a better human society.
“I believe that in the long run, a well-developed legal and regulatory framework will be a solid foundation that makes crypto truly essential in everyone’s daily life.”
According to CZ, the concept of cryptocurrencies is similar to the invention of the automobile, which later required other developments such as traffic laws, traffic lights and seat belts.
“These are the frameworks and laws we have adopted that allow widespread and safe use of this powerful technology today. Crypto is similar in that it is accessible to everyone, but regulations are needed to prevent abuse and bad actors.”
