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| Binance is facing increasingly tough measures |
The CEO of the world’s largest cryptocurrency exchange said that after a campaign launched by global regulators, the Binance platform does not always do everything right and there is plenty of room for growth.
Changpeng Zhao, CEO of Binance, said in a blog post: Compliance is a journey, especially in new areas such as crypto.
"There is still a lot of uncertainty in the industry," he added. We also know that growth comes with more complexity and more responsibility.
Last month, the UK financial regulator banned Binance from conducting regulated activities in the country.
The UK division of Binance withdrew its application to register with the regulator in May for failing to meet anti-money laundering requirements.
It has asked Binance, the world's most traded cryptocurrency exchange, to add a prominent notice on its website and app to let users in the UK know that regulated activities are not permitted in the UK.
At the same time, regulators in Canada, Japan and Thailand issued warnings to the company.
Japan's Financial Services Agency said a cryptocurrency exchange was operating in the country without its permission. The Canadian Ontario Securities Commission charged him with failing to comply with local regulations.
The Securities and Exchange Commission of Thailand filed a criminal complaint against Binance last week, accusing the company of operating in the country without permission.
Zhao said that as a four-year-old startup, Binance still has plenty of room for growth. Binance is growing very fast, and we don't always do everything right, but we learn and get better every day.
We hope to clarify and confirm our commitment to cooperate with the organizer. We are actively recruiting additional talent. We have put in place more systems and processes to keep our users safe.
Binance faces more action
Zhao said that Binance is taking a number of steps to improve regulatory compliance. This includes increased recruitment and collaboration with crime-fighting organizations and local operations in markets such as the United States.
In recent months, more and more regulatory reviews have put the nascent crypto market under pressure. China has cracked down on cryptocurrency mining due to concerns about its environmental impact.
Cryptocurrencies are off to a good start this year, with Bitcoin peaking at nearly $65,000 in April.
But it has fallen sharply since then, and the total market capitalization of cryptocurrencies has lost more than $1 trillion in the past two months.