Key Points
- Binance’s CEO Richard Teng addressed the importance of compliance in elevating crypto.
- He explained that compliance evolution is a team effort, and we only rise by lifting others.
Binance’s CEO Richard Teng has an important message for the crypto industry. The exchange shared his blog post via X, saying that “we rise by lifting others.”
We rise by lifting others.
As crypto matures, compliance becomes key for responsible growth and safety.
Together, we can elevate the entire sector.
A call from our CEO @_RichardTeng ⤵️https://t.co/sCLtVSospk
— Binance (@binance) June 19, 2024
Teng began his message by saying that the crypto industry has entered the phase of development and maturation where regulatory compliance is essential to user experience and safety, business success, and responsible growth.
He explained that Binance punctuated the start of a new era, mentioning how back in 2023, in a move unprecedented in the blockchain space, the exchange took responsibility for all the historical issues.
He mentioned the hard lessons that the exchange learned which allowed them to chart the path for the rest of the industry.
Teng also said that setting compliance standards for the dynamic sector of crypto and the blockchain is only one part of the equation. The other is other players’ readiness and willingness to get up to these standards.
“A rising tide lifts all boats”
Binance has invested heavily in enhancing compliance and security programs and personnel in the past years. The goal is to establish Binance as the industry’s gold standard in these areas and become an example for others as well.
Teng highlights that Binance is proud of its culture of compliance, security, and transparency. The enhancements include the following efforts:
- including on and off-chain monitoring
- improving identity verification (KYC) protocols
- supplementing the in-house team and technology with best-in-class third-party vendors
- strengthening the market surveillance capacity
- building the industry’s leading financial crime compliance unit tasked with assisting law enforcement agencies globally in crypto-related investigations
- sharing with agencies the skills and expertise needed to combat financial crime
Compliance is a team effort according to Teng, and the entire industry will only get to the next level once compliance and maturity are embraced by everyone in the field.
Teng said that a rising tide lifts all boats and Binance calls for other major players in the digital asset space to act as one when it comes to building trust, introducing responsible practices, and enhancing transparency and compliance.
He explained the metaphor of the rising tide, saying that once a wave of positive change comes into an industry, every participant stands to benefit from it.
Teng’s call to peers is that they learn from Binance’s mistakes, instead of making their own, as the latter will be costlier.
“Don’t be the boat quietly waiting for the tide to lift it; be the tide.”
Binance’s CEO believes that being fully compliant is what the crypto and the blockchain industry needs to maintain its trajectory to growth.
This is the only way of helping the innovative, mission-driven industry to get closer to the ultimate goal of advancing financial freedom and making people’s lives better.
