Changpeng Zhao, CEO of Binance, speaks during a TV interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.
Akio Kon | Bloomberg | Getty Images
The boss of Binance on Wednesday said the cryptocurrency exchange hasn’t gotten everything right and has plenty of room to grow, following a crackdown from regulators around the world.
“Compliance is a journey – especially in new sectors like crypto,” Changpeng Zhao, CEO of Binance, said in a blog post.
“The industry still has a lot of uncertainty,” he added. “We also recognize that with the growth comes more complexity and more responsibility.”
Last month, the U.K.’s Financial Conduct Authority restricted Binance from carrying out regulated activities in the country. Binance’s U.K. unit withdrew its application to register with the regulator in May due to not meeting anti-money laundering requirements.
Binance, the world’s largest crypto exchange by trading volumes, was ordered to add a notice in a prominent place on its website and app showing U.K. users that it is not permitted to carry out any regulated activity in the U.K.
Meanwhile, regulators in Canada, Japan and Thailand have also issued warnings to the company.
Japan’s Financial Services Agency said the crypto exchange was operating in the country without its permission, while Canada’s Ontario Securities Commission accused it of failing to comply with local regulations.
Last week, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance, alleging the firm was operating in the country without authorization.