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Steve Christie’s Return to Binance Signals Strong Compliance Push

Binance has welcomed back Steve Christie, who formerly served as their Senior Vice President of Compliance, to assume the position of Deputy Chief Compliance Officer.

In a recent official statement, the exchange conveyed that Christie’s principal duty will revolve around fortifying Binance’s compliance infrastructure through cooperative efforts with regulators, industry figures, and other relevant parties.

Christie’s profound understanding of compliance matters and his prior experience with the company make him an ideal fit for this role.

Steve Christie Returns Follows a Period of Absence

Christie’s return follows a period of absence where he focused on personal matters and family-related obligations. Now, he steps into the role left vacant by Kristen Hecht, the former Deputy Chief Compliance Officer and Global Money Laundering Reporting Officer at Binance. In his new capacity, Christie will work closely alongside Noah Perlman, who serves as the Chief Compliance Officer at the firm.

Perlman expressed confidence in Christie’s capabilities and acknowledged his prior contributions to the growth and development of the compliance team at Binance. He highlighted how Steve’s previous tenure at Binance, which began in 2022, had facilitated rapid expansion and significant investments in strengthening and maturing the compliance culture and program.

Perlman emphasized that compliance is an ever-evolving field, and Christie’s expertise had been invaluable in helping Binance navigate through various challenges and adapt to changes in the regulatory landscape.

With Christie’s return, Binance is reaffirming its commitment to regulatory compliance, aiming to not only meet but also exceed regulatory standards. By positioning compliance as a facilitator of business and a catalyst for sustainable industry growth, Binance aims to reinforce its dedication to regulatory adherence and industry excellence.

Binance Pushes for Global Expansion

In the previous month, Binance introduced its collaborative cryptocurrency exchange venture known as Binance Thailand, in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.

Binance Thailand, often referred to as Binance TH, offers a platform for digital asset trading services, featuring trading pairs involving the Thai baht.

Additionally, it has established connections with local banks within Thailand and formed a partnership with Binance Kazakhstan to offer brokerage services, all while being closely monitored and regulated by Thailand’s SEC.

This initiative was launched in response to the increased regulatory scrutiny faced by Binance.US and its global parent company, Binance, in recent months.

Back in June, the Securities and Exchange Commission (SEC) initiated legal action against them, alleging the unlawful sale of unregistered securities.

The SEC lawsuit included Binance founder Changpeng Zhao as one of the defendants, with accusations of him exercising control over Binance.US despite its claims of operating independently.

In November, Changpeng “CZ” Zhao stepped down from his role as CEO and admitted guilt to an anti-money laundering violation, agreeing to a substantial $50 million fine as part of the settlement.

Binance, the company, also resolved its legal issues with various U.S. authorities, including the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, ultimately paying a significant penalty of $4.3 billion.

However, despite these legal challenges, Binance is anticipated to maintain its dominant global exchange status. Remarkably, reaching a settlement with the U.S. Department of Justice (DOJ) did not hinder its global standing.

In fact, some analysts argue that the plea agreement between Binance and the DOJ has turned out to be a favorable outcome for both Binance founder Changpeng “CZ” Zhao and the company itself.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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