Since July 8, 2021, crypto exchange Binance will no longer accept SEPA payments. That news came out recently and is a disappointment for Europeans as it is now no longer possible to deposit euros for free on the world's largest exchange. Binance CEO Changpeng Zhao shared an open letter today about the situation his company is in.
As a crypto exchange you have to adhere to a lot of rules because you handle financial resources and sensitive data. The crypto industry is a fledgling emerging industry, so clear rules for crypto companies to adhere to are still lacking in many areas. It is also often seen that old rules for the traditional financial world are applied to the crypto sector, which even recently led to a lawsuit in our own country. Binance is now facing headwinds in a number of countries worldwide. In his open letter today, Zhao states that there is a certain “hyperfocus” emerging among crypto regulators. Nevertheless, the CEO emphasizes that one of Binance's core principles is to partner with governments. However, many countries still lack clear regulations. But, Zhao says, “compliance is a journey.” Zhao compares the current regulatory and crypto environment to the rise of the automobile. “When the automobile was first invented, there were no traffic laws, traffic lights, or even seat belts.” The CEO further explains: “Over time, laws and guidelines were developed as the cars were on the road. These are frameworks and laws that we take for granted today, allowing this powerful technology to be used widely and securely. Crypto is similar in that it can be accessible to anyone, but frameworks are needed to prevent abuse and bad actors. Clarifying and drafting the first set of standards is critical to the continued growth of the industry. And Binance wants to make a positive contribution.”
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