In a joint Chinese AMA between Binance CEO Richard Teng and co-founder He Yi, Richard Teng said that the first thing that needs to be made clear is that the so-called compliance officer is not an official of the US government, but an independent inspector. His duties are more like those of an accountant. His main responsibility is to observe Binance's efforts in anti-money laundering and compliance. Binance has increased its investment in these two aspects in the past two years.
He Yi added that the independent supervisory mechanism is not taken over by US regulators, but by a third-party consultant approved by the government.
