Binance CEO Richard Teng said on Monday that the United States was “firmly back in the driver’s headquarters” to lead the global cryptography industry, following a major regulatory development which saw the American authorities abandon legal action for the exchange of crypto and its founder Changpeng Zhao.
What happened: “This is an important victory not only for Binance, but for the whole industry,” said Teng during an interview with CNBC. “The United States is firmly back in the driver’s seat to become the world’s crypto center.”
Teng credited the transition to the regulatory approach adopted by the current administration, praising what it called a “attentive and thoughtful” position which promotes regulatory clarity on tactics first in application.
The initial complaint of the CFTC had accused Binance of having allowed illegal access to American users, of inflating trading volumes and co-instrumental of customer funds.
Its dismissal now marks a turning point in the wider American regulatory landscape, according to the CEO.
For the future, Teng has expressed its optimism as to bipartite efforts to create clear rules for industry, declaring that greater clarity will benefit investors, businesses and regulators.
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“We deeply support a regulatory framework that protects users,” he said, quoting Binance’s milestone to exceed 275 million world users.
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Teng also responded to concerns concerning the proliferation of documents even linked to political figures like the president Donald Trump.
While avoiding direct comments on their legitimacy, Teng underlined the decentralized nature and without authorization to create tokens in crypto.
Beyond legal developments, Teng highlighted the growing Binance of conformity infrastructure.
The platform now employs more than 1,400 people in its compliance division and is regulated in more than 22 countries.
“We are the most regulated world platform today,” said Teng. “We focus on safety, compliance and user protection.”
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