Popular crypto platform Binance has reportedly hired a Dark Web expert Nils Andersen-Röed. Nils, who once worked at Europol, will be tasked to lead the line in strengthening the platform’s security amid other administrative duties. The former Europol expert is joining Binance amidst contentious debates about a cluster of operations by the company, such as monetary scrutiny from centralized authorities.
Binance’s Operations In Contention with Authorities
Since the start of 2021, Binance has been on the radar of monetary institutions from across the globe. Financial bodies in several countries, such as the Netherlands and Japan, have issued statements warning customers to steer clear of crypto trade and platforms such as Binance. Italy’s monetary authority and the Cayman Islands stated that the popular crypto platform wasn’t authorized to operate in the respective countries. Even Malaysia’s SEC has warned Binance to cease functioning in the country.
Thai SEC once accused Binance of operating without a license in the nation. A similar thing happened in the U.K. when the Financial Conduct Authority went hard on Binance Market Ltd. The FCA cautioned Binance, asserting that it wasn’t capable of being managed. The last hit came from Singapore when MAS said Binance wasn’t authorized to function, asking it to stop requesting businesses from investors. Singapore went ahead to add Binance to its Alert List, stressing that trade was not legal.
Three days after MAS and the National Bank added Binance to the list, the cryptocurrency trade exchange set limits to Singaporean customers, stopped trading sets with the country’s banknote and halted Singaporean installment alternatives.
Binance Make Moves to Address the Trading Challenges
To address the various challenges between Binance and monetary bodies globally, Binance resulted in recruiting experts. In July, the company hired Jonathan Farnell, who once worked in eToro to become the trade’s new boss of consistency. In August, Binance asked all users to complete the KYC forms before using the platform’s features and services.
With Andersen’s recent addition to the team, the trade’s consistency system will certainly progress to new heights. However, the main development came when the CEO Changpeng Zhao agreed to unify the base camp. This was a critical shift, considering that the executive once advised against altering base camp because of its decentralized nature.
Binance is a crypto trade exchange that offers users a platform to buy, sell, and trade one coin for another. The company, established in 2017, was initially based in Hong Kong with no information on its exact location. When asked about the company’s headquarters, Binance spokesperson called it “decentralized.” To date, the company functions on the dictates of Hong Kong laws.