As Reuters and Binance are facing off, the industry still has perception problems to solve regardless of who comes out on top. (Reporting via AndySinger10)
a scathing 4,700-word “special report” titled “How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers.”to Reuters with a blog post of its own, warning about “authors and pundits who cherry pick data, rely on conveniently unverifiable ‘leaks’ from regulators, and feed into the cult of crypto paranoia for fame or financial gain.
Perception matters, and in that regard, Binance hasn’t really helped on the regulatory front. The sometimes-stateless exchange was clearly not an “early adopter” in the compliance sphere, though Hammer wouldn’t go so far as to say Binance hurt the industry’s reputation in any lasting way. It attracted attention, yes, because of its misbehavior, but maybe also because of its size — regulators may have been looking for a big crypto exchange to make an example.
Still, an exchange might do more, suggested Ozair. Illicit funds may come to an exchange indirectly, from Person A to Person B, C and D, and yes, the exchange is responsible for checking out Person D who is actually opening the new account — and not A, B and C. But, it should still keep its antennae attuned when dealing with person D.
“Binance is also currently aiming to become fully regulated in Germany,” added Siadat, who believes the exchange deliberately chose jurisdictions with strong regulatory environments like France and Germany “to demonstrate to the global regulators that it is prepared to comply with FATF recommendations and global AML rules.
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