The CEO of Binance, Changpeng Zhao has commended the United States Government for its proposed cryptocurrency framework.
In a series of posts made on his Twitter page, Zhao stated that the right regulation will strengthen consumer protection while also strengthening the values of cryptocurrency.
According to Zhao, “The US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space.
“It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers, and markets and spark responsible innovation.
“The correct regulations will drive technological innovation and preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice.
“The framework brings specific provisions for international cooperation with other countries and active collaboration with global standard setters and the private sector – especially on the enforcement front.
“Binance is working to comply with future regional regs, such as MICA in the EU, and looks forward to consistent regulations globally to ensure the industry can continue to thrive and support regulators to meet their objectives,” he said.
“We commend the US framework’s focus on consumer protection, fraud, and illicit activity as a critical part of future regulations.
Zhao further stated that Binance has stepped up the capacity of its compliance team, as part of efforts to ensure consumer protection.
“We embrace the opportunity to work with regulators and the industry as they seek to establish a global regulatory and compliance framework suitable for the industry,” he added.