The newly appointed CEO of Binance, Richard Teng, has said the crypto firm will adhere to regulations for its future prosperity. This is coming months after a legal case between the United States and its immediate CEO for violating US anti-money laundering laws, which resulted in a settlement to the tune of $4.3 billion.
Recent scrutiny from the Nigerian government has also put Binance in the spotlight, with allegations that the crypto firm contributed to the depreciation of the naira against the dollar. Recall that this led to the detention of two Binance employees.
The Nigerian government’s charges against Binance include allegations of tax evasion and non-compliance with existing tax regulations. Specific instances cited involve failure to issue VAT invoices and register with tax authorities, among others.
In response Binance announced that its services would no longer be offered in Nigeria, especially those involving the naira and the USDT stablecoin. According to Binance, the country was not yet a top market but with potential for future investment.
While speaking in an interview at a cryptocurrency conference in Paris, Teng reaffirmed Binance’s commitment to prioritize its users while ensuring to embracing compliance measures. According to him, the company needs to be compliance-focused, and more regulation of the sector would provide greater clarity for industry players.
Teng also shared on plans to establish a global board of directors, including independent members, to ensure adherence to best practices and regulatory directives. This strategic move aims to leverage compliance as a competitive advantage for Binance.
