In 2021, the cryptocurrency industry experienced exponential growth, with the market surpassing $3 trillion and blockchain applications gaining widespread adoption. However, regulatory scrutiny also increased, prompting Binance to prioritize compliance and user protection. Binance has taken proactive measures such as joining the National Cyber-Forensics and Training Alliance, implementing a tax reporting tool, supporting law enforcement, and maintaining a $1 billion user security asset fund. The company has expanded its compliance team by 500% and remains dedicated to fighting cybercrime and fraud. Additionally, Binance introduced the “10 Fundamental Rights of Cryptocurrency Users” to shape discussions on cryptocurrency regulation and industry growth.

Binance’s Commitment to Crypto Compliance, User Protection & Regulation

Discover how Binance is leading the way in cryptocurrency compliance and user protection with cutting-edge security measures and regulatory transparency.

Binance’s Commitment to Compliance and User Protection

Looking back on the past year, Binance has come a long way in the back and forth of the epidemic.

In 2021, despite the slow recovery of most industries, the blockchain ecosystem and the industry as a whole are growing at an unbelievable rate, with fluctuating levels of activity.

It’s safe to say that 2021 will be a year for the digital asset industry to truly thrive.

The cryptocurrency market is worth more than $3 trillion, and blockchain-based applications, including decentralized finance, are attracting interest from both retail and institutional investors — just to name a few of the big trends.

In addition, as NFTs began to disrupt the art world and other industries, the rapid entry of NFTs into mainstream applications has made the cryptocurrency industry more and more popular.

But in this eventful year, with various regulatory policies coming out, regulators want more clarity and transparency in this fast-growing industry.

Binance quickly rose to the challenge and fill in the grey area, as Binance has always emphasized that regulation and compliance are critical to the overall growth of the industry.

Go to Binance’s Official Website

Binance’s stance on regulation

Some in the industry might say that the push for regulation on a global scale goes against the spirit of the cryptocurrency and blockchain space — which is about decentralization at its core.

At Binance, however, they welcome regulators and governments to engage deeply and do more in the cryptocurrency space.

From the very beginning, Binance has always emphasized a user-centric model, and Binance’s mission remains to protect users while encouraging innovation.

Go to Binance’s Official Website

Binance’s approach to compliance and user protection

Over the years, Binance has taken different steps to ensure compliance and protect users around the world:

• Join the National Cyber ​​Forensics and Training Alliance: In January 2022, Binance became the first blockchain and cryptocurrency industry to join the National Cyber-Forensics and Training Alliance (NCFTA), a company focused on identifying, verifying, mitigating, and eliminating Not-for-profit corporations threatened by cybercrime. This move further strengthens Binance’s commitment to fighting cybercrime, ransomware and terrorist financing.
• Binance Tax Reporting Tool: Binance recently launched a new API tool that enables Binance users to easily track their cryptocurrency activity and ensure they are compliant with their home country’s regulators.
• Government and Law Enforcement Support: Binance has implemented a law enforcement request system that governments and law enforcement agencies can use to submit requests for information.
• Access to Asset Emergency Fund: Binance is also one of the first cryptocurrency trading platforms to have a Safety Fund (SAFU) to keep users’ funds safe in extreme situations. Based on the opening price on January 29, 2022, the user security asset fund is valued at $1 billion.
• More compliance hiring: In 2021, Binance’s international compliance team and advisory board grew by 500%.
• Committed to Fighting Fraud and Cybercriminals: Binance is committed to safeguarding the security and sustainable growth of the global cryptocurrency ecosystem, including combating different types of ransomware and fraud.

Go to Binance’s Official Website

Furthering the conversation on cryptocurrency regulation

To ensure the industry continues to innovate responsibly, while still providing a healthy path forward for future growth and mass adoption, Binance is publishing the first-ever / 10 Fundamental Rights of Cryptocurrency Users.

Binance proposes these 10 principles to guide discussions on regulation and guide the development of a global cryptocurrency market framework.

These user rights ensure safe access to emerging technologies, liquidity and insurance funds, while Binance proposes a range of other measures to protect users and enable cryptocurrencies to mature through responsible growth and innovation.

Throughout 2021, Binance will ensure the highest levels of user security and compliance through Binance’s global compliance practices and user protection programs.

Binance looks forward to bringing more surprises to the industry and users in 2022, continuing to work on regulatory compliance, and staying true to Binance’s commitment to protecting users.

FAQs

Why is compliance important for Binance?

Binance believes compliance is key to long-term industry growth and user protection.

How is Binance ensuring user security?

Binance has a $1 billion Security Asset Fund (SAFU) and supports law enforcement efforts.

What steps has Binance taken towards compliance?

Binance joined NCFTA, launched a tax reporting tool, and expanded its compliance team.

How does Binance work with regulators?

Binance actively collaborates with governments and regulators to enhance cryptocurrency security.

What is the purpose of Binance’s tax reporting tool?

It helps users track crypto activity and comply with tax regulations in their respective countries.

How does Binance combat cybercrime?

Binance works with authorities to prevent ransomware, fraud, and illicit activities.

What is Binance’s stance on crypto regulation?

Binance supports responsible regulation to ensure industry growth and protect users.

What are the 10 Fundamental Rights of Cryptocurrency Users?

A Binance initiative to guide fair and transparent crypto regulations globally.

Why did Binance increase its compliance team?

To meet evolving regulatory standards and strengthen user protection measures.

What can users expect from Binance in the future?

Continued efforts in compliance, security enhancements, and regulatory cooperation.