Binance CEO posts letter admitting flaws in their operations

Through a letter he posted, Binance founder and Chief Executive Officer Changpeng Zhao admitted his company hadn’t gotten “everything right,” attributing the supposed flaw to the speed at which they have grown.

The CEO admitted, “Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day.”

The letter posting happened after a number of regulators issued warnings against Binance due to problems with fiat deposits, banking restrictions, and accusations of defective derivative products which have spooked their customers.

The company said, as a response, it’ll double its compliance team in its bid to stay on the right side of regulators.

Alarm on Binance sounded off

Already, four financial regulators sounded the alarm on Binance, with most of them issuing warnings on the company’s lack of licensing in their respective jurisdictions.

In Ontario, Canada, Binance was forced to withdraw its services due to the scrutiny that was employed by the Canadian province’s Financial Services Regulatory Authority.

In Thailand, the country’s Securities and Exchange Commission filed a criminal complaint against Binance for operating a crypto exchange without a license.

As if there weren’t enough problems already, in the United Kingdom, users are having trouble with the British pound ramping, and now there are reports that access to Europe’s SEPA payments network has also been suspended.

CEO speaks about the matter

While Zhao attempted to address the concerns with his letter about the current regulatory climate and what lies ahead for Binance, he wasn’t able to directly address any of the regulatory notices of the past week or so.

“Therefore, we have added requirements for using our platform and set industry standards: strict insider trading policies, a Secured Asset emergency fund (SAFU) to protect user assets,” said part of the CEO’s letter.

 

Image courtesy of Cointelegraph News/YouTube

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