This comes months after its former chief executive pleaded guilty to violating US anti-money laundering laws and it paid $4.3 billion to settle charges.
The new Chief Executive of the world's top crypto platform has emphasised the importance of regulatory compliance for Binance's future success.
This comes months after its former chief executive pleaded guilty to violating US anti-money laundering laws and it paid $4.3 billion to settle charges.
SaharaReporters has previously reported that the Federal High Court in Abuja remanded Binance executive, Tigran Gambaryan, in Kuje Correctional Centre, pending the determination of his bail application.
Justice Emeka Nwite issued the remand order after Gambaryan pleaded not guilty to the money laundering charges preferred against him by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
The Nigerian government had taken Binance Holdings Limited and two of its officials, Tigran Gambaryan and Nadeem Anjarwalla (now at large) to court on allegations bordering on tax evasion and money laundering.
SaharaReporters had reported that Gambaryan’s colleague, Anjarwalla escaped from the custody of Nigerian authorities some weeks ago.
However, in an interview with AFP published by France24 during a visit to Paris for a cryptocurrency sector conference, Binance’s new chief, Richard Teng said he aims to keep the platform a "user-focused, user-first organisation" that helped propel its success.
He said Binance also needs to be compliance-focused and the additional regulation of the sector would provide greater clarity for industry players.
"We want to make sure that compliance is, also becomes, a competitive advantage" for Binance, Teng said Tuesday.
Teng explained that Binance had spent hundreds of millions of dollars on compliance and was working very closely with regulators, including putting into place at their insistence a global board of directors with three independent directors.
"Our board of directors will become our stewards guiding us in term of direction to go, making sure that we adopt the best practices," Teng said.
Binance was created in 2017 and cornered much of the crypto-trading market, turning its founder and chief executive Changpeng Zhao into a billionaire.
Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its business.
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