Changpeng Zhao: “Binance works closely with Singapore regulators”

Changpeng Zhao, CEO of cryptocurrency exchange Binance, denied media reports of the exchange’s strained relationship with Singapore regulators. Zhao stated that Binance is openly interacting with them.

In a series of tweets, Changpeng Zhao thanked Sopnendu Mohanty, CFO of the Monetary Authority of Singapore (MAS), for inviting him to the Point Zero Forum. Zhao stressed that it is important for any cryptocurrency industry player to communicate with regulators, both privately and publicly. Therefore, participation in the forum was another opportunity to tell the authorities about the cryptocurrency space and the steps that need to be taken to develop and improve it, Zhao wrote.

He also mentioned some media outlets, stating that their headlines regarding Binance and Singapore have often been misleading to users lately. At the conference, Zhao shared some examples of these headlines, stating that they only “drive a wedge between the exchange and the MAS.”

For example, Zhao mentioned an article whose title reads: “Singapore will be ruthlessly harsh on cryptocurrencies.” However, according to the head of Binance, Singaporean regulators intend to be tough on the “bad” industry players working illegally. Journalists do not publish the main part of the interview, completely changing the story, Zhao is outraged. Plus, Binance actually works closely with MAS, he added.

Indeed, Singapore’s MAS said in November that it did not intend to ban cryptocurrencies, but would work to create a regulatory framework to regulate them. This will not only allow Singapore to prevent the risks of money laundering and terrorist financing through crypto assets, but also to become one of the world leaders in the development of the industry.

Zhao recently refuted media claims of large-scale buying of bitcoins during a market downturn. According to Zhao, the increase in the amount of BTC on the exchange’s cold wallets indicates an increase in deposits made by users.