Illicit Actors Shun Compliant Exchanges Like Binance Due to Compliance Efforts

Binance CEO Richard Teng states that illicit actors are shunning compliant platforms like Binance due to its significant investments in compliance and law enforcement cooperation.

Teng notes that these actors recognize that major exchanges prioritize user protection and assist authorities in disrupting illicit finance through heavy spending on sanctions controls, transaction monitoring, and investigative tools.

The exchange's focus on compliance has made it an unattractive option for those involved in illicit activities, such as terrorist financing and financial crime.