Binance's Commitment to Compliance: An Inside Look at the Program

cryptonews.com:

Binance, the world’s largest cryptocurrency exchange, is making an effort to to dispel myths that the crypto industry at large is a ‘non-compliant’.

In a Thursday blog post, the firm summarized the extent of Binance’s efforts to work together with international regulators, contrasting a persistent narrative that the exchange is deliberately shrouded in opacity to evade the law. 

“The Binance Compliance team consists of professionals with diverse backgrounds, including former law enforcement officers, regulators, crypto, fintech, and traditional banking compliance experts,” wrote Binance. The team includes “750 core and supporting compliance staff” spread across several specialized departments. Among them, 20% are members of the Financial Crimes Team, which proactively investigates illicit finance including terrorist financing and money laundering. Its law enforcement response team “deals with approximately 1,300 requests each week.”

Another team surrounds Binance’s Global Money Laundering Reporting Officer (GMLRO). Besides assisting the Financial Crime Team in detecting and reporting money laundering, it also monitors the global regulatory landscape to ensure “Binance's full compliance with applicable laws and regulations.”

Last week, multiple U.S. federal agencies came together to launch the Darknet Marketplace and Digital Currency Crimes Task Force – a ‘mini FBI’ meant to “disrupt and dismantle criminal organizations.”  Nevertheless, according to the U.S. Treasury Department, the U.S. dollar is still responsible for a far more sizable share of global money laundering than crypto. 

Crypto industry experts – including Binance CEO Changpeng Zhao (CZ) himself – have also resisted the idea the digital assets can play a