Changpeng “CZ” Zhao, chief executive officer of the world's
biggest cryptocurrency exchange, said his No. 1 priority is to hire people with
compliance and regulatory experience. The company is also seeking regular
meetings with US officials.
“I'm spending almost all my time” on the compliance drive,
Zhao said in an interview with Bloomberg TV. “I'm not really involved in the
day-to-day operations of the exchange.”
Regulators around the world are taking a harder look at the
freewheeling crypto industry, which boomed as Bitcoin prices soared to record
highs this year. US officials have long been concerned that criminals are using
crypto exchanges to conceal transactions linked to everything from drug
trafficking to ransomeware cyberattacks. Bitcoin price in India stood at Rs.
35.32 lakhs as of 10am IST on August 18.
The Justice Department has opened an inquiry into the
Binance operations and US officials have expressed concerns that cryptocurrencies
are being used to conceal illegal transactions, including theft and drug deals.
Numerous countries have also announced probes and demanded that Binance
affiliates cease operations within their borders.
On pending crypto rules in the US, Zhao added that he's
“fairly confident” that Securities and Exchange Commission Chair Gary Gensler
will “do the right thing.”
“Gary is one of the most knowledgeable people in the
regulatory space about crypto,” Zhao said.
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