Binance shares updates on its approach to innovation, regulation and the future of the crypto industry

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The team of the digital assets company Binance notes that the crypto and blockchain industry has grown significantly over the past few years, both from a technology adoption standpoint and from the ‘new user perspective’.

When they launched Binance, they or they decided that it would be their “unwavering” commitment to users that would set them apart in the market. As a result of this engagement, they became the largest cryptocurrency platform, the company wrote in a blog post.

At Binance, they recognize what it means to be “the industry leader versus just being the biggest player in the industry,” the company claims.

They added:

“We recognize the myriad of responsibilities inherent in the former. In particular, we are committed to continuing to work with regulators around the world to weed out bad actors and pave the way for industry growth and innovation in a responsible manner. “

Binance also noted that the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury announced that it had “added a Russian-based entity, Suex OTC, to its list of specially designated nationals.”

Along with company details, 25 crypto addresses have been listed. Binance added that “Make no mistake, this is a positive development for the industry and the millions of innovators, consumers and investors around the world who are contributing to the growth of the blockchain “.

The firm further noted:

“One of the risks to the trajectory of our industry is that money linked to cyber attacks is laundered through nested services and exchange accounts that attempt to hide inside macro VASPs, including exchanges like ours. Just as they have been with traditional financial institutions, these criminals are parasites, feeding off the liquidity of reputable exchanges, various digital asset offerings and well-developed APIs.

Binance also mentioned that they had already recognized this threat and “immediately improved our approach to investigating potentially illicit activity through the use of AI and building a top-notch internal investigation team. “.

That team is made up of “some of the most accomplished law enforcement investigators today, and we’ll have more announcements to share shortly,” the company reveals.

They also noted that on the basis of a full audit carried out by their investigation team, several accounts linked to the addresses mentioned in the OFAC announcement were “identified earlier this year and were the subject of appropriate measures taken against them “.

Binance further claims:

“We have removed the platform from these accounts based on internal guarantees. The information regarding the addresses in the ad, as well as other information from our internal investigation has been shared with the relevant authorities and we continue to work with law enforcement to bring to light the actors of the threat that seek to abuse our platforms, like Suex.

The Binance team also noted that Suex is the latest illicit entity they have “had to take proactive action against, previous efforts include the Operation FANCYCAT and Bulletproof heat exchanger project which targeted so-called “bulletproof exchangers” like Suex.io and buy-bitcoins.pro. “

Binance confirmed that it will continue to support law enforcement and regulators to “ensure that those who break the law are brought to justice.”

Binance also claims to have “dedicated all appropriate resources to thwart those who attempt to abuse the platform or pose a risk to our users.” As an industry, Binance believes we need to “tackle this challenge head-on in partnership with law enforcement around the world.”


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