Binance, the world's largest cryptocurrency exchange, shared an important text summarizing the events and talking about the future of the company, in the midst of today's period where we witnessed historical moments for the crypto industry.
Binance CEO Changpeng Zhao came to the USA, accepted the charges against him and was sentenced to a fine of $ 50 million. In addition, from now on, transactions on Binance will be audited by a supervisory authority and the US government will be notified.
Here are all the details in the official blog post shared:
“Binance announced that it has reached a settlement with the US Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC), Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FCEN).
This agreement relates to investigations into criminal record, compliance and enforcement matters.
The company accepts responsibility for past criminal compliance violations and is prepared to move forward. Binance has taken important steps in compliance and governance issues that will shape the future of the company and the crypto industry.
Binance admits it lacked adequate compliance controls for the rapidly growing company when it first launched. Despite its efforts to protect users and invest in security and compliance, the company made some poor decisions.
Over the past two years, Binance has restructured its organization and staff, improved its systems, and brought in new leadership with extensive compliance experience. This process has made Binance a stronger, safer and more secure platform for its users.
Binance provides 1:1 collateral for each user asset, meaning users can withdraw 100 percent of their assets from the platform whenever they want. The US agencies involved in the settlements do not allege that Binance misappropriated any user funds or was involved in any market manipulation.
Binance's former CEO Changpeng Zhao has resigned, but remains the company's majority shareholder and a source of advice on historical areas of the business.
Richard Teng, Binance's former Global Head of Regional Markets, replaced Zhao as CEO. Teng brings more than three decades of financial services and regulatory experience to this role.
Binance believes that the crypto industry and Binance have a bright future.”
*This is not investment advice.