Binance has made significant progress in reining in illegal activity and improving compliance, according to the company's Head of Global Sanctions, Chagri Poyraz. The exchange has increased its full-time compliance personnel by 650% during the past two years to around 750 staffers, up from 100 in 2021. Binance has been the subject of public and regulatory scrutiny, with authorities penalizing the exchange for allegedly doing business in the US without permission and helping terrorists and money launderers move funds. Binance has hired several financial regulation, compliance, and criminal investigation veterans and is committed to being transparent and avoiding running afoul of international bodies. The exchange has also ramped up its development of technology tools to detect when people are trying to access the exchange illegally.

(By RT Watson)