Binance Makes Push To Improve Compliance Amid String of Strategic Successes

As the 3rd largest cryptocurrency exchange in the world, Binance is being watched closely by regulators. There are many exchanges who tend to flaunt anti-money laundering (AML) measures and know your client (KYC) regulations, but Binance is trying to get ahead of this.

On April 11th, they announced a partnership with with blockchain analytics company CipherTrace. The goal of said partnership is to work on the company’s compliance by enhancing its ability to enforce AML measures. Samuel Lim, Binance’s head of compliance, emphasized how much of a priority it was to improve their compliance standards and that they would be continuing to invest in the space. In his words:

“We want our users to have the best trading experience, to know that they are safe that they are not trading with crooks or bad actors.”

This move will earn the approval of regulators by enhancing their perceived transparency, and with the upcoming launch of Binance’s decentralized trading platform, this will be more important than ever.

Recent Developments for Binance

April 12th also saw the announcement of Binance Labs’ awarding of 3 grants to open-source blockchain startups. Binance has been expanding their incubator’s reach to new cities over the last few months, and this is yet another strong sign of their growth.

The last quarter or two have revealed how strong Binance’s strategic planning truly is. When they were founded in 2017, they seemed just like any other exchange, but several decisions were made right off the bat that changed the fate of the company.

Rather than competing directly with every other exchange, Binance offered no fiat gateway. This meant that users needed to buy crypto and transfer it in before they could use any of Binance’s services. This may have made them a less accessible company in the beginning, but it also took away a lot of regulatory issues that other exchanges were facing.

And instead of focusing on being easily accessible, Changpeng Zhao, the CEO of Binance, built his team around quickly being able to onboard new crypto projects. By having a broader offering than the more well-known exchanges, they were able to attract an abundance of users.

Top Level Positioning

Finally, the use of Binance Coin (BNB) to make users more sticky was a stroke of brilliance. Users were incentivized to stay with the platform because they were able to speculate with the coin, as well as cover trading fees.

Then there is the aspect of timing to consider. It seems as if CZ was prescient regarding market dynamics and didn’t let the bull market distract him from the fact that the winds were going to chance. This the company avoid the pivotts and layoffs that many other firms went through. At the same time, Binance released more products like Binance LaunchPad which could capture users at a time where it would normally be quite expensive to do so.

Now Binance is readying themselves for the release of their decentralized exchange, which should be well-positioned for the next wave of bullish trading. As financial disruptors continue to change the whole market, the industry will have to incorporate companies like Binance into its infrastructure.

Most Popular

1

Min. Deposit

$ 10

Promotion

User Score

5

Up to $240 bonus!

Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.

Trade on the world's leading social trading and investing platform

Visit Site more info

Description:

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Payment Methods:

Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer

Full Regulations:

CySEC, FCA

Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

2

Min. Deposit

$ 0

Promotion

User Score

4.95

Get insights from millions of investors, creators, and analysts

Build your portfolio of stocks, ETFs, and crypto–all in one place

No minimum deposit

Visit Site more info

Description:

Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.

Payment Methods:

Debit Card, Wire Transfer, Check, Bank Wire

Full Regulations:

Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. Crypto trading on Public platforms is served by Public Crypto LLC and offered through APEX Crypto. Please ensure that you fully understand the risks involved before trading.

3

Min. Deposit

$ 1

Promotion

User Score

4.65

0% deposit fees, 0% withdrawal fees, 0% trading commissions

Set up automated trades and up to 50 limit orders with ease

Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1

Visit Site more info

Description:

Create your account in minutes and start trading 90+ cryptos and other assets on the most flexible trading platform.

Payment Methods:

Full Regulations:

4

Min. Deposit

$ 50

Promotion

User Score

4.6

Log in using the app and claim the Mystery Box to receive up to $10,000 in reward

One of the top digital asset exchanges by trading volume

Serving millions of users in over 100 countries

Visit Site more info

Description:

OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.

Payment Methods:

Bank Transfer, Debit Card, PayPal, neteller, Credit Card, Wire Transfer, Visa, Mastercard, American Express, AdvCash, AliPay, QIWI, WeChat, Discover, Banxa, Simplex, Mercada Pago, PicPay, Bank Transfer: SEPA, Easypaisa, Esewa, FasterPay, Gcash, IMPS, Interac e-Transer, Itez, JazzCash, Mercuryo, Monese, MoonPay, Naqui, Papara, PIX, RAAST, Safaricom, Wise, Zain Cash, Zen, Cash App, M-PESA, PhonePe, Tinkoff, Vodafone Cash, Bank Transfer: UPI, Payoneer, Paytm, skrill

Full Regulations:

Trading in digital assets is considered high risk. Digital assets are NOT backed by any government or central bank. The risk of loss in trading or holding digital assets can be substantial. You should carefully consider whether interacting, holding, or trading digital assets is suitable for you in light of your financial condition.

5

Min. Deposit

$ 0

Promotion

User Score

4.55

Nexo is the world's largest and most trusted lending institution in the digital finance industry

Available in 200+ jurisdictions

Earn daily interest on your crypto

Visit Site more info

Description:

Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team's years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.

Payment Methods:

Bank Transfer, Debit Card, Credit Card, Apple Pay, Google Pay

Full Regulations:

6

Min. Deposit

$ 5

Promotion

User Score

4.5

Combines a user-friendly platform and low fees

Largest digital asset exchange in the Netherlands  

Trade over 50 digital assets and pay a maximum trading fee of 0.25%

Visit Site more info

Description:

The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.

Payment Methods:

Debit Card, Credit Card

Full Regulations:

7

Min. Deposit

-

Promotion

User Score

4.5

Global new first-tier exchange

Supervision and audit from third-party institutions

Operating through multiple platform terminals

Visit Site more info

Description:

BKEX is a centralized cryptocurrency exchange located in British Virgin Islands. There are 254 coins and 415 trading pairs on the exchange.

Payment Methods:

Full Regulations: