{"id":53016,"date":"2021-11-17T12:00:14","date_gmt":"2021-11-17T10:00:14","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53016"},"modified":"2025-09-03T12:58:13","modified_gmt":"2025-09-03T09:58:13","slug":"changpeng-zhao-outlines-fruits-of-binances-cooperation-with-regulators","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/changpeng-zhao-outlines-fruits-of-binances-cooperation-with-regulators\/","title":{"rendered":"Changpeng Zhao outlines fruits of Binance&#8217;s cooperation with regulators"},"content":{"rendered":"<p>Against a backdrop of tightening <span data-descr=\"Know Your Customer\" class=\"old_tooltip\">KYC<\/span> requirements, the cryptocurrency exchange Binance has shed only 3% of its users, and cooperation with regulators is already bearing fruit. This was disclosed by chief executive Changpeng Zhao in an interview with Bloomberg.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Bloomberg interview. <a href=\\\"https:\/\/t.co\/aAT8SrsCgy\\\">https:\/\/t.co\/aAT8SrsCgy<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\\\"https:\/\/twitter.com\/cz_binance\/status\/1460848209685725185?ref_src=twsrc%5Etfw\\\">November 17, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>This week Binance <a href=\"https:\/\/u1f987.com\/en\/news\/binance-calls-for-global-regulation-of-the-crypto-industry-and-stronger-user-protections\">acquired<\/a> advertising space in the Financial Times. The exchange published a digest &#8217;10 Fundamental Rights of Crypto Users&#8217; (information also <a href=\\\"https:\/\/yourcryptorights.com\/\\\">\u0434\u043e\u0441\u0442\u0443\u043f\u043d\u0430<\/a> on a separate landing page).<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">How <a href=\\\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Binance<\/a> plans to welcome the next billion crypto users. <a href=\\\"https:\/\/t.co\/0oigvdgQCj\\\">pic.twitter.com\/0oigvdgQCj<\/a><\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) <a href=\\\"https:\/\/twitter.com\/cz_binance\/status\/1460534697017036800?ref_src=twsrc%5Etfw\\\">November 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to Zhao, the company decided to publish this list following dialogues with various regulatory authorities. He noted that the digest reflects Binance&#8217;s stance on the matter. The exchange shared the same considerations, presented in a more extensive form, with the relevant government agencies.<\/p>\n<p>Previously, financial regulators in several countries, including <a href=\"https:\/\/u1f987.com\/en\/news\/dutch-central-bank-says-binance-is-not-registered\">the Netherlands<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/italy-and-malta-warn-consumers-about-unregulated-binance-activity\">Italy<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/polish-regulator-urges-caution-in-using-binance-services\">Poland<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/japanese-regulator-issues-another-warning-to-binance\">Japan<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/thailand-accuses-binance-of-operating-without-a-license\">Thailand<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-warns-binance-group-entities-are-operating-without-a-licence\">Hong Kong<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/singapore-warns-investors-about-binances-unregulated-activity\">Singapore<\/a>, <a href=\"https:\/\/u1f987.com\/en\/news\/south-africa-regulator-warns-investors-off-binance\">South Africa<\/a> and a number of <a href=\"https:\/\/u1f987.com\/en\/news\/malaysia-announces-enforcement-actions-against-binance\">others<\/a>, issued warnings to investors about the company&#8217;s activities.<\/p>\n<p>Against this backdrop, Binance CEO <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-outlines-binances-push-to-protect-customers-and-ensure-compliance\">published an open letter<\/a>, in which he outlined the exchange&#8217;s plans for ensuring regulatory compliance and client protection.<\/p>\n<p>In August the company <a href=\"https:\/\/u1f987.com\/en\/news\/binance-introduces-mandatory-user-verification\">introduced mandatory user verification<\/a>. According to Zhao, there is &#8216;a small group of people&#8217; for whom this decision was unwelcome, but 97% of users pass KYC procedures.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;This is a free market. There are other platforms they could use. At Binance we decided to pursue full legal compliance and mandatory KYC for global users for every function. \u2026 Most people indeed feel more comfortable using a licensed exchange,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>Zhao stressed that face-to-face meetings are important in dialogues with regulators. He said that as COVID restrictions ease in different countries, he tries to undertake more business trips.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;There have been many instances where regulators initially treated us with skepticism, and then, as we engaged more with them, that attitude changed. \u2026 When people meet me in person, they say: &#8216;Look, CZ is quite reasonable, very calm, not at all a crazy guy.&#8217; So these face-to-face meetings help build trust,&#8221; he explained.<\/p>\n<\/blockquote>\n<p>In Zhao&#8217;s view, China will remain closed to Bitcoin exchanges for a long time. He described the blocking methods used by the Chinese authorities as &#8220;very comprehensive and effective&#8221;.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;Therefore I do not see any way for Chinese users to interact with cryptocurrency platforms like ours in any reasonable way. I also do not foresee any change in government policy in the near term,&#8221; he added.<\/p>\n<\/blockquote>\n<p>Zhao said that investors have shown interest in Binance\u2014some companies even held talks, but those discussions did not proceed further. Consequently, the CEO regards various assessments that <a href=\"https:\/\/u1f987.com\/en\/news\/media-binance-plans-to-attract-investments-from-singapores-sovereign-wealth-funds-at-a-200-billion-valuation\">appear in the media<\/a> as &#8216;highly subjective.&#8217;<\/p>\n<p>The head of the company noted the popularity of projects built on the play-to-earn concept. He stressed that there are other models such as study-to-learn, and in the future the community will see even more &#8216;innovative uses in which you can do everything to earn.&#8217;<\/p>\n<p>Binance is also placing a heavy emphasis on <a href=\"https:\/\/u1f987.com\/en\/news\/binance-launches-fan-tokens-for-fc-porto\">fan tokens<\/a>, considering them interesting. Zhao stressed that he tries to devote part of his time to studying these projects.<\/p>\n<p>In conclusion, the chief executive touched on the topic of Binance&#8217;s departure from a decentralized model of doing business. Zhao said Binance has created several holding companies around the world. Details of the restructuring will be disclosed &#8216;in the near future&#8217; \u2014 before making a public announcement the CEO intends to convey these details to regulators.<\/p>\n<p>In November, Zhao said the company planned to open a headquarters in France.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against a backdrop of tightening KYC requirements, the cryptocurrency exchange Binance has shed only 3% of its users, and cooperation with regulators is already bearing fruit. This was disclosed by chief executive Changpeng Zhao.<\/p>\n","protected":false},"author":1,"featured_media":53017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,935],"class_list":["post-53016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-changpeng-zhao"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53016"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53016\/revisions"}],"predecessor-version":[{"id":53018,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53016\/revisions\/53018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53017"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}