But do you expect that it will be challenging to get a fresh era in Binance, when the founder – who is synonymous with the company – has the largest shareholder?
We are very glowing in terms of what we are trying to build: the best in the classroom, balanced and global platform. Again, I work closely with higher management and management on this front.
How would you like people to think about the difference between the era and Richard Teng’s era?
CZ began to build a company in 2017, when the landscape was completely different: no institutions adopted this and there were no rules and regulations. It was a very, very different environment.
When I took over, we had to adapt the company to a fresh environment – one that would be much more in line with nature. There will be much greater regulatory clarity, even though there will be inconsistency and no harmonization [between jurisdictions.]
We have invested very much in our compatibility program. We are now the most adjustable stock exchange around the world, of twenty -one different regulatory approvals. This is the path forward.
What special changes did you make to make sure that the types of things that have in the past have landed in trouble – which led to prison time – or return to the company?
Last year, I believe that we completed nearly one hundred different courses and programs for law enforcement agencies on investigation techniques. Crypto is identifiable technology. We want to emphasize how to apply this technology to stop, detect and prevent evil actors in space.
We want to cooperate very closely with our competitors and law enforcement agencies around the world to make sure we have a balanced future and we can stop all these illegal financial offenses.
According to the settlement with the US Department of Justice, Binance must undergo supervision by external authorities. What does it look like from a practical perspective?
We have two sets of external monitors: one appointed by the Doj and one by the financial crime enforcement network. We work closely with both sets.
Our interests are adapted: to make sure that we will invest and improve our compatibility program. If there are any blind places that we do not receive, compatibility monitors are there to lend a hand. They go through what we have, ask for data and issue recommendations for areas that we need to improve.
For me it is very useful, because we not only wash our chest, but to have an independent lens to say that we do all the right things.
In the past, Binance threw himself as a global company without the headquarters. How did this change under your leadership?
This is something that we pay a lot of attention to. When we are regulated all over the world, two basic things that regulatory bodies will ask for the management board – which we named – and the global headquarters.
Meeting [over the location of a global headquarters] They are necessarily convoluted, with many factors: can we base our talent in this country, what are the regulatory frames and so on. But we are talking about several jurisdictions.