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Binance, the crypto exchange that has come under scrutiny from regulators globally, said it will take a more proactive stance to compliance and stopped Hong Kong clients from opening new derivates accounts with immediate effect.
- Existing Hong Kong account holders have 90 days to close their open positions, the exchange announced Friday.
- Earlier in the day, CEO Changpeng "CZ" Zhao said in a tweet that the exchange would take a more proactive approach to compliance.
- Regulators including the U.K.'s FCA have said in recent weeks that BINANCE is not authorized to conduct regulated activities in their countries. At the end of July, Malaysia ordered it to stop operations in the country.
- Many banks, including HSBC and Banco Santander have blocked payments to the exchange.
- CZ responded to these pressures last month in an open letter in which he described regulatory compliance as a "journey," likening its development to those of the automobile industry where "laws and guidelines were developed along the way."
- The Binance chief subsequently announced that a new CEO was being sought with a strong regulatory background as his replacement.
