In a recent podcast held by Binance Space, his Yi revealed that cryptocurrency exchanges with internal audit teams have conducted over 120 investigations over the past two years. This resulted in recovering compliance and $30 million in illegal profits.
WU Blockchain reports Binance conducting internal audits
Strengthening internal controls
The exchange also hired two US law enforcement coordinators to ensure they are compliant with laws and regulations such as the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. After $30 million has been recovered by the exchange, the company is pursuing legal action in two cases to regain additional assets. The main purpose of the exchange is to ensure that teams create a safe, secure and compliant environment to protect their users.
Why us?
Of the 100% of cryptocurrency users, 28% of cryptocurrency users are Americans, so Binance can’t afford to let go of such a huge market, even due to regulatory negligence. The company is facing allegations that have been investigated by the SEC and warned by the NYDFS and allow cases of money laundering and terrorist financing. To address these challenges, Vinance must take steps to streamline compliance measures and is currently working closely with US regulators to comply with regulatory requirements.
These efforts show that exchanges are as transparent as possible and strive to stick to set regulations with ever-changing crypto landscapes.
Binance and other regulatory challenges
Regulation is becoming stronger due to the increasing regulatory landscape of the crypto space. The company faces a critical backslash from regulators around the world, and the platform is being scrutinized by various government agencies around the world.
In India, for example, after registering with the Financial Information Unit (FIU) in June 2024, Binance had to pay a large fine of $2.25 million in June 2024. The company was also scrutinized with outstanding taxes, and the Indian government found $97 million unpaid Goods and Services Tax (GST) from various crypto exchanges.
With internal audits and future legal measures that exchanges should take, we are trying to maintain our position as leaders in the cryptocurrency industry, ensuring that we are transparent and complying with regulations as much as possible. .
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