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Tuesday, October 19, 2021

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Regulatory action intensifies, Binance claims ‘zero tolerance’ for insider trading

Authorities in the United States have been investigating possible insider trading and market manipulation on Binance, and have examined whether Binance or its staff members benefited from taking advantage of its customers. However, according to Binance, it has a “zero tolerance policy for insider trading.” In a statement to the media, the largest cryptocurrency exchange observed,

“At Binance, we have a zero tolerance policy for the use of inside information and a strict code of ethics related to any type of behavior that may have a negative impact on our customers or the industry.”

In the wake of the intensification of regulatory crackdown, Binance discussed its centralized business structure, realizing the need for a central entity to work with regulators. The CEO of Binance noted in a recent interview:

“As we run a centralized exchange, we have realized that we need to have a centralized entity to work well with regulators. We need to have clear records of stakeholder ownership, transparency, and risk controls. “

Recently, the exchange has received several warnings from different countries around the world. It had to halt its business in Britain, Germany and Japan over concerns about money laundering and customer risks. Binance also had to reduce its product offering to improve relations with regulators.

In particular, Binance continued to lead in terms of trading volume, as data suggested that the exchange’s dominance in monthly spot volume exceeded $ 751 billion. It outperformed competitors like OKEx, Huobi, Coinbase, and others. Meanwhile, in light of the present time, the CEO communicated one to his followers, a single statement,

“Don’t get distracted by noise.”

This is a machine translation of our English version.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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