Official announcements from Binance or credible financial news outlets

Binance Invests $200M in Compliance Amid Market Share Drop, Pushes Back Against SEC Lawsuit

Nov 5, 2024, 07:37 AM

Binance, the world's largest cryptocurrency exchange, is making significant strides in compliance to regain market share and attract new users. CEO Richard Teng is focusing on a compliance-first approach, investing $200 million into compliance efforts. This strategy aims to position Binance as a leader in the crypto space by emphasizing regulatory adherence to capture the next billion users. Despite a market share drop, Teng remains optimistic. In parallel, Binance and its former CEO Changpeng 'CZ' Zhao are pushing back against the SEC's amended lawsuit. Their legal team has filed a motion to dismiss the SEC’s lawsuit, criticizing the agency for its vague and arbitrary regulatory standards for crypto assets.