Changpeng Zhao Compares Cryptocurrencies To The Emergence Of The First Car – Bits Media

Amid increasing regulatory pressure on the Binance cryptocurrency exchange, its CEO Changpeng Zhao compared the development of the cryptocurrency industry with the advent of the car.

Recently, Binance has started to come under attack from regulators too often.. Уже в этом месяце Комиссия по ценным бумагам Таиланда (SEC) opened a criminal case against the exchange, accusing her of illegal financial transactions. Last week, the Cayman Islands Monetary Authority (UP) сообщило об отсутствии лицензии у Binance. Besides, in June, due to the claims of the British regulator, the exchange was forced to disconnect from the Faster Payments payment system. Recently, the trading platform announced the temporary suspension of accepting deposits through the European payment system Single Euro Payments Area (SEPA).

Considering, that the activities of the site began to greatly concern regulators, Changpeng Zhao (Changpeng Zhao) published an appeal to users and regulators. He stressed, that over the past four years, с момента запуска Binance, the cryptocurrency industry has changed a lot. However, in most countries, a clear regulatory framework has not yet been developed for cryptocurrencies.. Therefore, Zhao expressed his willingness to cooperate with regulators., to speed up this process and make positive changes to it.

"Actually, a large number of regulatory requirements are a sign of, that the cryptocurrency industry is getting more mature. Clear regulation lays the foundation for mass adoption of cryptoassets, to make people feel safe. Compliance with regulations – this is the way, which one needs to go. With the development of business comes more complexity and more responsibility ", – Zhao said.

He recalled, what with 2020 года Binance расширила свою международную команду по соблюдению нормативных требований и консультативный совет в шесть раз. The team includes people, previously employed by international regulatory bodies. Zhao added, что Binance активно внедряет политику борьбы с отмыванием денег на своей платформе, cooperating with analytical firm CipherTrace, to provide additional protection.

According to the head of Binance, the development of the cryptocurrency industry has many parallels with the automotive industry.

“When the first car appeared, there were no traffic rules, traffic lights and even seat belts. Laws and regulations were already developed as, how more cars began to appear on the roads. This is nothing unusual for us today.. Cryptocurrencies may be available to everyone too, and rules are needed to protect against intruders. The creation of the first standards is critical ", – written by the CEO of Binance.

Zhao had previously stated, that regulators will never succeed in destroying bitcoin and blockchain, since this technology “is in the heads 500 million people ".