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Binance regional markets head Richard Teng insists that the worldwide cryptocurrency alternate is financially safe and on no account just like bankrupt peer FTX regardless of latest regulatory scrutiny and regional challenges,
Talking completely to Cointelegraph Journal editor Andrew Fenton in Singapore forward of the 2023 Token2049 convention, Teng addressed quite a lot of completely different challenges being confronted by Binance’s regional arms in addition to enjoying down stories that he’s being groomed to take the reigns from founder Changpeng ‘CZ’ Zhao sooner or later.
“There have been completely different rumors and FUD after FTX. Folks tried to affiliate us, which is completely unfaithful. Our belongings are backed one-to-one.”
Teng mentioned that whereas Binance has confronted completely different points over the previous couple of years, it had managed to sort out these on a case to case foundation whereas the corporate remained financially robust and capable of course of buyer withdrawals.
He additionally addressed latest Cointelegraph exclusives that exposed high-level executives had departed Binance in addition to one other report on the corporate’s ties with Russian banks. Teng mentioned that alternate’s stellar development within the area of six years continues to depart it within the highlight:
“All this scrutiny will come from being the most important. Scrutiny from regulators, scrutiny from the media, and we welcome the scrutiny.”
Teng mentioned that Binance has not but decided concerning its franchise that serves the Russian market, whereas sustaining that the corporate continues to stick to worldwide norms and requirements with reference to sanctioned entities and people:
“On our plans for Russia, we have now acknowledged very clearly within the final couple of weeks that each one choices are on the desk. We proceed to discover what we have to do for that individual franchise going ahead.”
In the meantime maturing regulatory frameworks in numerous jurisdictions can be being welcomed by the worldwide alternate. Teng mentioned that the European Union’s Markets in Crypto-Property (MiCA) regulation may benefit exchanges universally by creating standardized guidelines for the trade:
“This disparate therapy, it makes life very tough for international platforms like for ourselves. When it comes to native deployment, we have to perceive how the principles and rules are very completely different. So what we hope for harmonized requirements.”
Teng mentioned that MiCA was a “step in the correct path” in offering the 23 EU member states a constant set of requirements, which in flip might result in a wider convergence of worldwide regulatory tips for the trade.
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