By Nathan Ferguson
Binance, the biggest exchange of cryptocurrency across the globe, has experienced some uncertain times for the recent two years. The exchange has been providing the services thereof in up to 180 countries with transacts of above $2B as an average trading volume on a daily basis. Nonetheless, regulatory officials around the world have taken action against the venue. One among several reasons behind the scarcity of physical headquarters was the notion of being clamped down. The CMO and co-founder of Binance, Yi He, recently talked in an interview regarding these matters in brief.
Crypto regulation and Binance
She provided her viewpoint regarding the continuously evolving landscape of regulatory, the internet’s role regarding the enhancement of cryptocurrency, as well as the upsurge in meme-based tokens. She also touched on the requirement for constructing a physical HQ for complying with the regulations in a better way. Although the exchange underwent several checkups on behalf of regulatory watchdogs, the co-founder of the company, rather expressing concern, was pleased, stating that it was a good sign showing the gradual maturity of the crypto industry.
She added that they have been organizing self-regulation via strict internal guidelines like a ban over insider trading, as well as protecting consumers from being manipulated by scammers. She moved on to discuss the matter of the construction of a physical headquarters and stated that five countries had been shortlisted by Binance, and some of them are within Europe. Nevertheless, she did not further explain the details thereof. In a recent interview, Changpeng Zhao (the CEO of Binance) acknowledged the necessity of a physical office and mentioned that the exchange requires centralizing the operations thereof for having a better collaboration with the regulators by attempting to attain licensing approvals around the world.
Internet and crypto move side-by-side
Currently, the countries that have improved internet infrastructure are known to be having the greatest demand for crypto. Internet assists in the provision of crypto, Yi He stated. Nonetheless, the countries experiencing a tumble in their fiat currencies’ value like Africa have also witnessed a parallel growth in their demand for cryptocurrency. During the previous year, an escalation of over 1,200% has been witnessed by the virtual asset market of Africa. Overall, Binance has taken momentous steps to take crypto to mainstream adoption. In this respect, an initiative of $116 million has been launched by the company to expedite the adoption of crypto across France.