Bank AI

<p class="is-style-lead">Major Binance rival Coinbase took advantage of the problems of its competitor to alert users on the need to regulate the crypto market.</p> 
<p>According to Brian Armstrong, CEO of Coinbase, the need for transparency and clarity in crypto is more greater than ever before. These principles, he added, were critical in providing Coinbase regulatory and legal compliance departments that have made Coinbase unique since its founding in 2012. </p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…</p>— Brian Armstrong 🛡️ (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1727054176763756826?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 21, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Armstrong noted that Coinbase, unlike Binance, is a public company. </p> 
<p> You might also like: <a href="https://crypto.news/coingecko-coinbase-tops-crypto-lobbying-spenders-in-2023/"> Coingecko: Coinbase tops crypto lobbying spenders in 2023 </a> </p> 
<p>On Nov. 21, Binance Holdings Limited <a href="https://crypto.news/binance-charged-with-three-major-crimes-by-the-doj-including-conspiracy/" data-type="link" data-id="https://crypto.news/binance-charged-with-three-major-crimes-by-the-doj-including-conspiracy/">pleaded</a> guilty and agreed to pay $4.3 billion settlement to resolve the U.S. Department of Justice’s investigation against the exchange.</p> 
<p>On the heels of this decision, Binance founder and CEO Changpeng Zhao pleaded guilty to charges of facilitating money laundering and agreed to pay a personal fine of $50 million. He has subsequently <a href="https://crypto.news/binance-ceo-changpeng-zhao-steps-down-with-response-to-the-sec-following-guilty-plea/">left</a> his position as CEO of the exchange. Zhao stands accused of willfully violating the Bank Secrecy Act, “resulting in Binance’s failure to implement an effective anti-money laundering program.”</p> 
<p>In response to these developments, Armstrong added that the situation around crypto legislation is likely entering a new phase, one that is indicative of the transparent regulatory framework needed to advance markets for digital assets in the U.S. </p> 
<p> You might also like: <a href="https://crypto.news/binance-sees-over-45m-in-funds-withdrawn-amidst-criminal-charges/"> Binance sees over $45m in funds withdrawn amidst criminal charges </a> </p>

Coinbase CEO Brian Armstrong goes on the offensive amidst Binance legal woes

crypto.news

Other articles published on Nov 22, 2023

Worldcoin (WLD) and the Impact of Recent Volatility

Interesting Data Started to Arrive in Dogecoin: “There is a Sign of Change in the Price Trend”

How an ‘internet of AIs’ will take artificial intelligence to the next level

BITCOIN TECHNICAL ANALYSIS CMP-Dollar 36,680: Buying seen during Dips

SEC’s Private Meeting Fuels Speculation on Ripple Lawsuit Settlement!

Weekly Cryptocurrency Analysis: Altcoins In Shaky Price Movement Due To A Pullback

Join our free newsletter for daily crypto updates!