Binance Looks to Solidify Its Legal Armour to Tackle Future Lawsuits, Regulatory Scrutiny

Binance crypto exchange is looking to beef up its legal division, now that the crypto market has begun to face regulatory challenges around the world. The company, that is reportedly valued at around $4.5 billion (roughly Rs. 34,914 crore) aims to stay ahead of any inquiry from regulatory bodies, especially at a time with the overall crypto market is going through a slump right now. Binance is shaping up its business model to fit well with the laws of the countries wherever it’s operational.

The five-year-old company has listed 42 job openings for its legal division on its website.

As per its posting, the firm is looking to onboard legal personnel in Israel, Canada, UK, Portugal, Spain, Italy, Hong Kong, Singapore, and other regions of the Asia-Pacific, Europe, Middle East, Africa, and Latin America.

Gathering a strong legal team is also Binance’s way to ensure customer protection against unethical entities, as per company spokesperson Jessica Jung.

“We have been working to staff our regulatory, compliance and security teams for months. We are working with regulators to achieve our mutual objective; To help the cryptocurrency industry grow responsibly and provide even greater security for consumers,” CryptoPotato quoted Jung as saying.

Chengpeng Zhao, the CEO of Binance has made it the company objective to bag operational licences around the world, just to be officially in accordance with the laws of different countries.

Binance has already secured relevant licences in France, Bahrain, Abu Dhabi, and Dubai.

In April, Binance US had also officially received approvals to operate as a money transmitter in Puerto Rico.

Countries around the world are currently in the process of working on their respective crypto laws.

Since cryptocurrencies are unregulated and largely untraceable, governments worry that they could be misused for illicit activities like money laundering and terror financing.

The freedom of facilitating large payments without the need of an intermediary also threatens the monopolies of central banks around the globe.

Hence, several nations like India, Australia, Nigeria, Russia, US, UK, and South Korea among others are working on bringing out regulatory laws to govern the crypto sector.