Binance CEO Unveils Security Milestones Achieved in a Year

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Binance CEO Unveils Security Milestones Achieved in a Year

As the biggest crypto trading platform, Binance has showcased its core milestones over the past year regarding its effort to fight crypto scams and related challenges

Security is key, with the digital asset space crawling and malicious actors looking to dispossess unsuspecting users of their funds. Richard Teng, Binance CEO, says this is one of the primary reasons the exchange has prioritized security and compliance in everything it does.

Compliance and Law Enforcement Collaboration

In a recent update, Teng assured the community that Binance would continue emphasizing security guarantees as it rolls out different products. He also emphasized that the exchange is complying with regulatory scrutiny worldwide.

To support his statement, the Binance CEO highlighted some notable achievements of the exchange. Teng noted that so far, Binance has 21 regulatory approvals worldwide, either in the form of licenses or registrations.

This suggests that the exchange has paid attention to regulatory compliance. Analysts say this might have been due to the challenges it faced in some countries, like Canada.

In 2024, for instance, Canada’s Financial Transactions and Reports Analysis Centre fined Binance $4.38 million for breaching the country’s anti-money laundering and terrorist financing laws.

Binance also ceased operations in the United States of America for approximately two years due to regulatory hurdles. It only recently resumed operations, and this development had a positive impact on the value of BNB.

The resumption of operations in the U.S. and Kazakhstan might have been aided by the over 650-strong team of compliance experts. These experts are focused on fraud prevention, legal compliance, and anti-money laundering issues.

Binance Expands Token Listings Amid Regional Restrictions

Teng also pointed out a key corporate social responsibility that Binance has undertaken in collaboration with the authorities. The exchange organized a virtual Binance Law Enforcement Day last year.

Binance trained over 1,300 investigators drawn from across 80 countries as a gesture of good faith and collaboration with the authorities.

Meanwhile, in countries where the regulatory agencies needed clarifications, Binance obliged them with their requests. Interestingly, in 2024 alone, Binance responded to approximately 65,000 law enforcement requests. These bordered on fraud and cybercrime cases.

According to Teng, the exchange also supported 14,800 registered officials. This likely means the exchange directly engaged with government investigators and officials to seamlessly perform their duties.

Overall, Teng maintains that Binance has been responsible worldwide, security-focused, and cooperating with authorities wherever it operates.

In the meantime, Binance recently listed five tokens to expand the exchange’s options for users. The move could spark a price rally based on an anticipated spike in trading volume.

A noteworthy development is that the five listings are not available in certain regions of the world, such as Cuba, Canada, the Netherlands, and Syria.


Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.

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