Binance Bolsters U.S. Compliance: 60+ Employees Terminated, $30M Recovered

Binance, one of the world's largest cryptocurrency exchanges, has been actively ensuring its legal compliance with U.S. authorities amidst industry scrutiny. The exchange's co-founder, He Yi, recently revealed measures taken to maintain compliance and cooperate with U.S. law enforcement.

He Yi disclosed that Binance has at least two U.S. law enforcement coordinators whose role is to ensure compliance and facilitate cooperation with U.S. authorities. The exchange has conducted over 120 internal investigations in the past two years, demonstrating its intolerance towards misconduct and fraud. As a result of these investigations, more than 60 employees have been terminated for their involvement in violations.

Binance has also recovered at least $30 million connected to illegal activities in the past two years. The exchange is currently involved in two cases of litigation and pursuit, indicating its ongoing commitment to combating misconduct and fraud. These efforts highlight Binance's dedication to regulatory standards and internal accountability, aiming to maintain transparency and trust in the cryptocurrency industry.