By
Chimamanda U. Martha
April 25th, 2024
Binance executive Catherine Chen said that they are open to regulations in the crypto space which would give them further clarity to navigate through the crypto landscape.
Crypto exchange Binance has been going through major regulatory turbulence in recent times amid its legal battle with the US Securities and Exchange Commission. However, while speaking at the Paris Blockchain Week on Wednesday, April 10, Binance’s head of institutional and VIPs Catherine Chen said that the company’s $4.3 billion settlement with the SEC was a major “turning page”.
Chen further added that Binance is ready to welcome the coming wave of crypto regulation and as a result, they have employed an independent compliance monitor while agreeing to the five-year US Treasury monitoring. Chen said that this is “frankly, a great thing from my perspective”.
Additionally, the Binance executive brushed off concerns that the exchange would suffer under this monitoring agreement. She further added that Binance has already been preparing for it. Chen said:
“It is a challenge, but it’s a welcome challenge and we fully embrace it because we know that that would be great for the market.”
Last year in November 2023, Binance.US and co-founder Changpeng Zhao paid a staggering $4.3 billion in settlement to the US government for settling charges of violating sanction laws and Anti-Money laundering (AML).
Zhao pleaded guilty to failing to maintain an efficient AML program at Binance and ultimately stepped down as the CEO of the exchange. Zhao’s sentencing is scheduled later this month for April 30, where he can face up to 18 months in jail.
Chen: Regulatory Clarity to Help Binance
Speaking at the panel discussion during the Paris Blockchain Week, Chen said that a sound regulation in place would “give a lot more clarity” to Binance’s users and “will help them be a lot more comfortable with the industry, with the asset class [and] with the key players”.
“Although people see challenges for us, it’s actually great. It’s the best thing that can and should happen to the industry,” she added. During an interview with CNBC on April 9, Binance’s newly appointed CEO Richard Teng mentioned that the company had operated in a specific manner in the past but has since evolved as it matures.
Speaking at Paris Blockchain Week on the same day, Teng stated that Binance is now seeking a global headquarters and is in discussions with several jurisdictions.