Binance CEO Breaks Silence on Crucial Censorship Claims

As a seasoned crypto investor with over a decade of experience navigating the turbulent waters of the digital asset market, I find myself increasingly concerned about the recent developments involving Binance. While I have always appreciated their innovative approach and user-friendly platform, the latest accusations regarding fund seizures and compliance issues are hard to ignore.


Richard Teng, CEO of Binance, addressed concerns raised earlier on X about the exchange allegedly seizing funds. He explained that the increasing worry about censorship is more about creating FUD (Fear, Uncertainty, and Doubt). Teng further elaborated on the current situation on X, stating that Binance aims to adhere to global authorities’ regulations.

Binance Gets Blamed for Palestine Misfortune

As reported by Ray Youssef, CEO and Co-founder of the peer-to-peer Bitcoin marketplace Paxful, Binance took the assets belonging to Palestinians following a request from the Israel Defense Forces (IDF). To date, all attempts to get Binance to restore these funds have been ignored.

The crypto advocate highlighted the impact of this move on Palestinians while also suggesting that Syria and Lebanon are likely next in line.

“Youssef stated that all Palestinians are experiencing the impact, and based on current trends, it seems that Lebanese and Syrians will face similar situations. He was referring to neither physical possessions like keys nor monetary coins.”

In response to these statements, Teng explained that only some accounts linked to illicit funds were prevented from making transactions. As a global cryptocurrency exchange, Teng asserts that Binance adheres to internationally recognized Anti-Money Laundering (AML) regulations. He ended his post with a message of goodwill towards Palestine.

A misconception has arisen regarding the situation, whereby it was reported that multiple user accounts associated with illegal funds were restricted from making transactions. However, there have been inaccuracies in some of these statements.

On a worldwide scale, our cryptocurrency platform adheres to universally recognized anti-money laundering regulations, much like any traditional financial institution.

— Richard Teng (@_RichardTeng) August 28, 2024

In simpler terms, the head of the exchange emphasized that they will keep guiding users on the proper ways to conduct transactions safely and securely within their system. This is aimed at preventing any potential breaches of law. Additionally, Binance is making other moves as part of its commitment to uphold regulatory standards.

The organization intends to hire for multiple roles, primarily focusing on those positions that will aid in aligning our international regulations.

Binance to Expand Compliance Team

By the close of 2024, Binance aims to recruit approximately 1,000 new team members. Of these positions, around 200 will focus specifically on reinforcing their compliance department. Moreover, they have earmarked a significant $200 million this year for regulatory compliance purposes. These initiatives are being undertaken as Binance navigates various compliance hurdles in numerous countries.

A digital asset service provider in the U.S. faced charges for not stopping illegal activities on its platform. In 2023, it admitted guilt to the Department of Justice (DOJ) and agreed to pay a massive $4.3 billion fine. The company is also facing further action from the Securities and Exchange Commission (SEC) in the U.S., as they allege the company supported unregistered securities.

The leadership of the company is also under investigation in Nigeria due to tax-related issues. Despite this, they have stated their dedication to adhering to regulatory requirements, as demonstrated by their actions. Recently, Binance resolved an issue with the Financial Intelligence Unit in India, settling a $2.25 million fine.

It did the same with Brazilian regulators at the beginning of August.

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2024-08-28 14:45