{"id":29964,"date":"2023-07-01T01:16:38","date_gmt":"2023-07-01T05:16:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/an-inside-look-at-the-program\/"},"modified":"2023-07-01T01:16:39","modified_gmt":"2023-07-01T05:16:39","slug":"an-inside-look-at-the-program","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29964","title":{"rendered":"An Inside Look at the Program"},"content":{"rendered":"
\n

Binance, the world\u2019s largest cryptocurrency exchange, is making an effort to dispel myths that the crypto industry at large is a \u2018non-compliant\u2019.<\/p>\n

In a Thursday blog post, the firm summarized the extent of Binance\u2019s efforts to work together with international regulators, contrasting a persistent narrative that the exchange is deliberately shrouded in opacity to evade the law.\u00a0<\/p>\n

\u201cThe Binance Compliance team consists of professionals with diverse backgrounds, including former law enforcement officers, regulators, crypto, fintech, and traditional banking compliance experts,\u201d wrote Binance. The team includes \u201c750 core and supporting compliance staff\u201d spread across several specialized departments.\u00a0<\/p>\n

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 \u201cdeals with approximately 1,300 requests each week.\u201d<\/p>\n

Another team surrounds Binance\u2019s 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 \u201cBinance’s full compliance with applicable laws and regulations.\u201d<\/p>\n

Last week, multiple U.S. federal agencies came together to launch the Darknet Marketplace and Digital Currency Crimes Task Force \u2013 a \u2018mini FBI\u2019 meant to \u201cdisrupt and dismantle criminal organizations.\u201d\u00a0 Nevertheless, according to the U.S. Treasury Department<\/u>, the U.S. dollar is still responsible for a far more sizable share of global money laundering than crypto.\u00a0<\/p>\n

Crypto industry experts \u2013 including Binance CEO Changpeng Zhao (CZ) himself \u2013 have also resisted<\/u> the idea the digital assets can play a significant role in sanctions evasion. \u201cCrypto is too traceable, the governments around the world are increasingly very good at tracking crypto transactions,\u201d he said during a CNBC interview last year.\u00a0<\/p>\n

Nevertheless, Binance supports a sanctions compliance department which mitigates risks associated with \u201cviolations of applicable sanctions, Anti-Bribery and Corruption laws, and Counter-Terrorist Financing measures.\u201d<\/p>\n

Customer Due Diligence<\/h2>\n

Like most regulated exchanges, Binance also engages in \u201ccustomer due diligence\u201d by implementing Know-Your-Customer (KYC) and Know-Your-Business (KYB) programs.\u00a0<\/p>\n

Earlier this month, the company was sued by the Securities and Exchange Commission (SEC) for on a litany of charges, such as letting citizens in the United States use its international platform. Americans are supposed to only use Binance.US, whose platform contains less features and tradeable cryptos than the main branch.\u00a0<\/p>\n

In an interview<\/u> with Bloomberg published this week, Binance co-founder Yi He said that \u201cif Binance isn\u2019t compliant, then practically no other global trading platform or offshore company is.\u201d<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Binance, the world\u2019s largest cryptocurrency exchange, is making an effort to dispel myths that the crypto industry at large is a \u2018non-compliant\u2019. In a Thursday blog post, the firm summarized the extent of Binance\u2019s efforts to work together with international regulators, contrasting a persistent narrative that the exchange is deliberately shrouded in opacity to evade […]<\/p>\n","protected":false},"author":1,"featured_media":29965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-29964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nAn Inside Look at the Program | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance, the world\u2019s largest cryptocurrency exchange, is making an effort to dispel myths that the crypto industry at large is a \u2018non-compliant\u2019.In a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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