Binance has been making more of an effort this year to be seen as a truly “compliant” exchange. At the same time, given the fact that last year, they were accused of various regulatory violations by the New York Attorney General and they continued to support projects like Tether, it is easy to question their willingness to work with government authorities.
Whatever the case, they are making efforts to directly combat money laundering and fraud with the help of partnerships with companies like CipherTrace and Elliptic. Considering what these companies have to offer, together with the fact that Binance is still aggressively pushing for global growth, it could still be said that crypto’s leading exchange is looking to radically change its’ image.
In an article today, CoinDesk reminds us that as of this March, Binance is basically offering true KYC compliance, due to their work with another company called IdentityMind. Therefore, as has been suggested already, they may be looking to put themselves on equal or higher footing than Coinbase in the future. If this proves to be true, than institutional clients, especially those with their headquarters in jurisdictions like the United States, will have to decide which is a more trustworthy service.
Even saying this, though, is jumping the gun since Binance has not been given any sort of public green light by United States regulators yet. The SEC and the CFTC are not known as agile entities in terms of how they make decisions on new assets and asset classes. Looking at examples like the continued delays surround the Bakkt project perfectly illustrates this. Since this is the case, unless Binance is ready for a long conversation that will likely span a few years, they are nowhere close to leaping over Coinbase, state-side.
By: BGN Editorial Staff