Binance, the world’s biggest crypto exchange, has been having a rough time lately.
The exchange is facing increasing scrutiny from governments around the world. Financial watchdogs from Britain, Japan, Germany, the U.S. and other countries have all issued warnings to Binance due to growing concerns about crypto’s role in money laundering and other financial crimes.
U.S. Treasury Secretary Janet Yellen and European Central Bank President Christine Largarde have both voiced concerns about crypto being used for money laundering this year. In August, the Dutch central bank said Binance was not in compliance with its anti-money laundering and anti-terrorist financing laws.
As a result, Binance has seemingly surrendered to regulators. It’s scaling back its product offerings and is working more closely with regulators to comply with anti-money-laundering and know-your-customer policies.
But it wasn’t always like this. In this episode of Crypto Insider, Vin Narayanan and Andy Gordon explain how Binance once rejected the requirements it’s now embracing… and explore what this change may mean for both Binance and the crypto world at large.
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