Key takeaways
Binance has launched a series of six videos featuring our compliance experts speaking on various topics.
The fourth video in this series allows us to learn more about the complex challenges facing the compliance team.
Binance's compliance team has grown significantly over the years, and works tirelessly to secure the crypto world and ensure that users are at the center of it. This task is not always easy, and our team encounters many obstacles every day, which our compliance experts describe in this fourth video in our series.
This week’s video features Matt Price, Global Head of Intelligence and Investigations, who explains that the biggest challenge is the constant renewal of the crypto space. It is indeed an environment that evolves very quickly: its team must therefore work diligently to keep pace with the latest developments in a relatively new technology, and stay informed of all the methods used to exploit it. As part of their work at Binance, Matt's team members work closely with the creators of blockchain products and services, including domain experts, which is a valuable asset to their daily missions. Matt himself cooperates with many teams operating at the forefront of blockchain technology.
Steve Christie, Head of Compliance at Binance, says the biggest challenge is the fluid and ever-changing nature of laws and regulations, and their changing interpretations by regulatory authorities around the world. Regulators, legislators, and government officials are scrambling to manage the permissionless and fully distributed technology of Bitcoin and cryptos, but without real consistency, preventing fair competition.
Tigran Gambaryan, Head of Financial Crime Compliance, also speaks in our video of the week to say that he really enjoys his job and leads an extremely capable team, but that his missions are really demanding . These have concrete repercussions in the real world, which motivates Tigran. He says it's sometimes difficult to maintain balance, but adds that he knows full well that his team's efforts have important consequences, just like his former work in law enforcement: it's also this which gives Tigran the courage to move forward. He too faces issues with regulatory clarity, and believes this is a concern that has been and will always be present in the sector. The lack of uniformity between various organizations and jurisdictions, and sometimes even within them, represents a very annoying obstacle; the regulations absolutely must be clarified so that Tigran and his peers can demonstrate greater efficiency in their work, which is essential to the good health of the environment.
Stay tuned for more videos in this series next week!
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