In a timely interview, Vishal Sacheendran, Head of Regional Markets at Binance, offered insights into the cryptocurrency giant's operations amidst major changes. He stressed the company's dedication to compliance and shared insights on its future goals. Speaking to BeInCrypto, he discussed how one of the largest cryptocurrency exchanges is tackling regulatory hurdles, adapting its connection with founder Changpeng Zhao (CZ), and planning its next steps.
Sacheendran emphasized that compliance has been a focus for Binance for over four years, long before CZ's recent settlement with US regulators. Currently, Binance employs 500 to 600 compliance staff, aiming to increase that number to 700 to 800 by year-end, positioning itself as one of the most regulated crypto firms globally. The recent registration in India marks their 19th compliance achievement.
Regarding CZ's future involvement, Sacheendran clarified that CZ remains the ultimate shareholder but is not involved in daily operations due to settlement terms. Speculations about potential price increases in Binance-related tokens following CZ's release were dismissed, with Sacheendran suggesting that US federal rate cuts would be more impactful.
Looking ahead, Sacheendran believes that 2025 will be pivotal for the crypto industry, with regulations increasingly aligning with technological innovation. He noted regulators are beginning to foster industry growth rather than merely impose restrictions.
Binance has been heavily invested in crypto education, focusing on grassroots initiatives. In Kazakhstan, they are collaborating with educational institutions to teach blockchain and cryptocurrency fundamentals. Sacheendran stressed the importance of informed investing and the necessity for comprehensive training across the sector.
When discussing regulatory environments, Sacheendran highlighted Japan's early crypto framework and Abu Dhabi's comprehensive regulatory approach. He believes successful regulations will balance industry growth with necessary oversight.
In conclusion, Binance is poised for growth through its robust compliance framework, focus on education, and adaptation to regulatory changes. The company's future strategy will be crucial as the crypto industry evolves, especially in regions like MENA, Latin America, and Southeast Asia.
