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Token2049: Binance COO says US monitoring deal poses challenges

token2049-binance-coo-says-us-monitoring-deal-poses-challenges
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Token2049: Binance COO says US monitoring deal poses challenges

Binance COO Noah Perlman says monitoring agreement with U.S. regulators is now posing challenges for the exchange despite viewing the deal as an opportunity for improvement.

Binance‘s plea agreement with the U.S. Department of Justice, which includes an independent compliance monitor for three years, poses challenges for the exchange to expand its services globally, as the U.S. now acts as an “authorized referee,” according to Binance chief operating officer Noah Perlman.

Speaking at the Token2049 conference, Perlman emphasized the necessity of fostering constructive dialogue with regulators, saying “the key to great regulation […] is being open to collaboration.”

Addressing Binance’s settlement with the DOJ, the Binance COO noted the exchange now has to comply with enhanced requirements, given that the U.S. government now acts as the “imposed-and-authorized referee overseeing compliance” for the exchange.

“Not thrilled to have it, but [we’re] doing it as an opportunity to continue to enhance the programs, procedures we have.”

Noah Perlman, COO Binance

In November 2023, Binance pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied by the DOJ. As part of the agreement, Binance’s founder and CEO, Changpeng Zhao, also pleaded guilty and agreed to step down from his position. Additionally, Binance also agreed to retain an independent compliance monitor for three years and remediate and enhance its anti-money laundering and sanctions compliance programs.