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Binance dismissed parallels between itself and bankrupt crypto alternate FTX and mentioned all its asset are “backed one-to-one.”
Regardless of going through lawsuits, heightened regulatory scrutiny and challenges in some areas, Binance stays financially secure and isn’t akin to the now-bankrupt FTX head of regional markets Richard Teng informed CoinTelegraph in an interview.
“There have been totally different rumours and FUD after FTX,” he mentioned. “Folks tried to affiliate us, which is completely unfaithful. Our belongings are backed one-to-one.”
The remarks come simply days after Binance CEO Changpeng Zhao lashed out at adverse information and rumours concerning the world’s greatest cryptocurrency alternate, dismissing them as “FUD” and offering an assurance that the corporate has no liquidity points.
The feedback additionally observe an exodus of prime executives from the agency that gathered gathered tempo final week with 4 departures, bringing the entire to 10 since July. Lawsuits introduced towards the agency, its exits from some markets and product closures are also behind the ‘FUD,’ Zhao mentioned.
Noticed some debates in the neighborhood. If you do the precise factor, and there’s FUD, you do not have to do something. The group defends you.
Let me summarize. There have been a whole lot of adverse information/rumors, financial institution runs, lawsuits, closing of fiat channels, product wind downs,…
— CZ 🔶 Binance (@cz_binance) September 7, 2023
Binance Embraces Scrutiny
Teng attributed the elevated scrutiny round Binance’s operations to its speedy development, telling CoinTelegraph that “all this scrutiny will come from being the biggest — scrutiny from regulators, scrutiny from the media — and we welcome the scrutiny.”
Teng mentioned there was no resolution but on whether or not it will exit the Russia market, as has been reported, and that it adheres to worldwide norms and requirements with reference to sanctioned entities and people.
“On our plans for Russia, we’ve got acknowledged very clearly within the final couple of weeks that every one choices are on the desk,” he mentioned within the interview. “We proceed to discover what we have to do for that individual franchise going ahead.”
Teng Optimistic About MiCA Laws
Teng welcomed the evolving regulatory frameworks in varied areas, notably highlighting the European Union’s Markets in Crypto-Property (MiCA) regulation. He mentioned that standardized guidelines may simplify compliance for international platforms like Binance and expressed hope for harmonized requirements, the story mentioned.
He mentioned MiCA is a constructive step in direction of creating constant regulatory pointers for the cryptocurrency trade globally and added that it’s going to finally present readability and coherence for exchanges and individuals.
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