We can't say we didn't see this coming after CZ got convicted and the largest crypto exchange was fined $4.3 billion.
The premise of the settlement the exchange had with law enforcement was literally to make room for ongoing compliance monitoring.
Which really just means to let the US government oversea and effectively control its business operations.
I mean, it has been quite clear with the number of delisted crypto assets that have been observed since.
Monero was only recently delisted even though it's literally a top #30 crypto asset with a $3 billion market capitalization and over $60 million in daily trading volume.
As the numbers don't lie, you can't say that the delisting of Monero was in any way related to being a low performing asset.
The delisting news of Monero can be found here and if you look at the list of factors that influence what asset gets delisted, you'd notice “regulatory requirements” specified.
Whilst there are other stated factors, this is the most obvious reason as Monero isn't just any cryptocurrency, but literally the only crypto asset and blockchain out there that ensures high level of transaction privacy and the government can't have that, surely this is no news after what we witnessed happen with coin mixers and the developers behind it.
Moving forward, to really touch on what prompted this sensitive topic, let's get to the news of focus:
20% of Binance’s new hires this year are in compliance, says CEO
It would interest you to know that by 20%, we are looking at over 200 new compliance hires, bringing the total of compliance staff at Binance to 700.
How many countries are there in the world again? Oh yeah, 195 according to chatGPT, so on average 3 compliance staff focused on working with each Nation’s government, right? nah!!! I'd bet my left buttcheek that nearly half, if not more of that staff count is focused on the U.S.
The world’s largest crypto exchange, Binance, has ramped up its headcount by 1,000 this year, with at least 20% of the new staff focused on compliance.
The move comes as the company’s annual spending on meeting regulatory requirements surpassed $200 million.
Speaking to Bloomberg on Aug. 21, Binance CEO Richard Teng, who has a background in regulation, outlined these goals, stating that the firm aims to increase its compliance workforce to 700 by the end of 2024, up from 500.
Binance currently employs more than 5,200 people in over a hundred locations, according to the company website. Teng said the hiring spree will also include customer service roles.
Being a global-serving company, I can understand the stretch requiring as much as 5,000 workers. At the time, compliance makes up about 13% of Binance’s workforce, which should generally not be a problem unless a huge chunk of that count is based on a select couple of states, that just goes to show the direction of the powers that control the system.
Compliance equals working with political bodies, and above every other thing that means to the system, surveillance is the single biggest issue there is to this reality.
There's never been a more critical time to cover up all tracks that leads one back to KYC’d exchange accounts. The centralization of liquidity on these exchanges ought to be solved as soon as possible to enable crypto to thrive and remain a sovereign financial network.
