Binance’s CEO Changpeng “CZ” Zhao has likened the recent pressures by regulators against his exchange business thereto of the initial development of the ecosystem.
Within a recent official letter on Wednesday, CZ revealed that the adoption and development of crypto contained many parallels to regulators around automobiles therein “laws and guidelines were developed along the way.”
“We are seeing wider adoption of crypto assets around the world and therefore the need for clearer regulatory frameworks in several nations,” added CZ. “More regulations are, in fact, positive signs.”
Binance has been caught in a tangled web of regulatory developments as lately along within the jurisdictions of the Cayman Islands, the United Kingdom, Thailand, and Singapore, among others. At times, the exchange has attempted to remain before the regulatory curve including having hired two former members of the FATF [Financial Action Task Force] to its advisory team earlier in March.
Within his letter, the CEO reiterated that his exchange possessed requirements for using his platform along with stringent trading policies where users are unable to actively trade any asset in a 30-day period.
Additionally, a SAFU [Secured Asset emergency fund] designed to guard user assets and listing standards as well as a firewall to filter the listing team, was also added earlier in July, the CEO outlined.
“Compliance is a journey – especially in new sectors like cryptos,” added CZ, who noted the crypto industry contained tons of uncertainty. “We also recognize that with growth comes more complexity & more responsibility.”