Binance, a major cryptocurrency exchange, has seen its trading volumes rise despite the crackdown announced by global regulators against the company in some jurisdictions. Observers were concerned about consumer protection and the existing infrastructure of the Anti-Money Laundering (AML) exchange, which led to intense scrutiny of the company.
However, Binance has managed to overcome some regulatory hurdles, such as those set in the first place by the UK’s Financial Conduct Authority (FCA). As a result, according to figures compiled by CryptoCompare and cited by Reuters, Binance’s spot crypto trading volumes reached $789 billion in September, up from $454 billion seen in July.
Moreover, derivatives volumes jumped by about 25% to reach the $1.7 trillion threshold, according to CryptoCompare, a British researcher.
Recently, Binance announced that it is restricting its services in Singapore, deciding to drop services such as fiat deposits, sports crypto trading, purchasing cryptocurrency through fiat channels, and liquid swaps on Binance.com for users in the city-state. The move came weeks after the major exchange operator suspended all dollar-based services in Singapore from a peer-to-peer exchange.
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Also, the cryptocurrency exchange has been active in terms of execution moves over the past few months amid the regulatory turmoil. In September, Binance announced the appointment of Zane Wong as its KYC Compliance Manager. The exchange highlighted that the recently selected KYC Compliance Manager will ensure the highest standards of regulatory compliance. Wong has extensive experience in the global financial sector.
In her previous role, Wong worked with Goldman Sachs, one of the world’s largest investment banks. In addition, she has worked with JPMorgan and Bank of America Merrill Lynch. In addition to her extensive experience in the global financial sector, Wong is accredited by the International Compliance Association and the Anti-Money Laundering Association.
Since August 2021, the Binance platform has increased KYC requirements to improve user protection. By appointing Wong, Binance aims to make the KYC compliance process efficient.
