What Challenges Does the Compliance Team Face? Hear From Our Experts
Main Takeaways
Binance has launched a six-part video series highlighting our compliance experts and their views on various topics.
In the fourth video of this series, we’ll learn about the complex challenges that the Compliance team faces.
Binance’s compliance team has grown significantly over the years, and this team works tirelessly to make the crypto world safer and more user-focused. However, it’s not always easy sailing – the compliance team faces numerous challenges on a daily basis. In Part 4 of this video series, we’ll hear from our compliance experts on what hurdles they face as part of their work.
In this week’s video, Matt Price, Global Head of Intelligence and Investigations, highlights that the biggest challenge is that there's always something new in this space. Crypto is a very fast, evolving space, so Matt’s team has to work very diligently to keep up with the recent developments in this relatively new technology, as well as the new methodologies used by those who seek to exploit it. What's great about working at Binance is that Matt’s team works closely with the people who create blockchain products and services, including experts in this space. Matt works closely with many teams at the cutting edge of blockchain technology.
Steve Christie, Compliance Officer at Binance, says that the biggest challenge is the constantly changing and fluid nature of the laws and regulations, as well as the interpretations of them by regulators worldwide. Regulatory bodies, legislators, and government officials are grappling with managing a completely distributed, permissionless technology that Bitcoin and crypto represent. And what we see is a lack of consistency, which creates an uneven playing field.
This week’s video also features Tigran Gambaryan, Head of Financial Crimes Compliance. Tigran says that he loves his job and that he has an amazing team, but the work certainly is demanding. The work that his team does has an actual effect in the real world – something that motivates and drives Tigran. Sometimes, he says, it can be difficult to keep things in balance. However, Tigran mentions that he knows that his team’s efforts have a massive impact, just like he did when he worked in law enforcement. That’s what keeps Tigran going. One of the hurdles he faces, however, is regulatory clarity. Tigran believes that this has been and will continue to be an issue. There’s a lack of uniformity across different jurisdictions and sometimes even within the same jurisdiction and agencies. There needs to be more regulatory clarity for people like Tigran to do their important work more efficiently.
Stay tuned for more videos in this series next week!