COMPLIANCE PUSH

In the interview, Teng also defended Binance’s compliance record, saying it has invested heavily in strengthening its governance framework after past regulatory breaches.

Around a quarter of Binance’s global workforce is now dedicated to compliance, he said.

“We spend more than US$300 million a year on compliance costs, to make sure that our compliance standards are very, very, very strong and robust.”

Teng said Binance publishes proof of reserves to show customer assets are fully backed, and maintains a Secure Asset Fund for Users (SAFU) to compensate users in the event of a security breach, measures he said go beyond what many regulators require.

“We believe a lot in customer protection,” he said. “So actually, we…