Binance, a major cryptocurrency exchange, had a surge in its trading volumes despite the global crackdown announced by regulators against the company in some jurisdictions. Watchdogs were concerned about consumer protection and the Anti-Money Laundering’s (AML) current exchange infrastructure, prompting heavy scrutiny of the firm.
Still, Binance managed to overcome some regulatory hurdles, such as the one placed in the first instance by the UK Financial Conduct Authority (FCA). As a result, according to figures compiled by CryptoCompare and quoted by Reuters, Binance’s spot crypto trading volumes accounted for $789 billion in September, which is up from the figure seen in July of $454 billion.
Moreover, derivatives volumes jumped around 25% to hit the $1.7 trillion threshold, CryptoCompare noted, which is a UK researcher.
Recently, Binance announced that it is restricting its services in Singapore, as it has decided to drop services like fiat deposits, sport cryptocurrency trading, purchase of cryptocurrencies through fiat channels and liquid swaps on Binance.com for users in the city-state. This move came weeks after the major exchange operator suspended all Singapore dollar-based services from its peer-to-peer exchange.
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Binance KYC Staff Moves
Also, the crypto exchange has been active in terms of executive moves over the last few months in the midst of the regulatory turmoil. Binance announced in September the appointment of Zane Wong as Director of KYC Compliance. The exchange highlighted that the recently selected Director of KYC Compliance will ensure the highest regulatory compliance standards. Wong has extensive experience in the global financial sector.
In her previous role, Wong worked for Goldman Sachs, one of the world’s largest investment banks. Additionally, she worked for JPMorgan and Bank of America Merrill Lynch. In addition to her extensive experience in the global financial sector, Wong is certified by the International Compliance Association and Association of Anti-Money Laundering.
Since August 2021, Binance has increased its KYC requirements to enhance user protection. Through the appointment of Wong, Binance aims to make its KYC Compliance process efficient.