Changpeng Zhao: "Binance works closely with Singapore regulators"

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​​General Directorcryptocurrency exchange Binance Changpeng Zhao denied media reports about the exchange’s strained relations with Singapore regulators. Zhao said that Binance is openly communicating with them.

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

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

For example, Zhao mentioned the article, titlewhich 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 operating illegally. Journalists do not publish the main part of the interview, completely changing the narrative, Zhao is indignant. Moreover, Binance actually works closely with MAS, he added.

Indeed, in November Singapore's MAS saidthat it does not intend to ban cryptocurrencies, but will work to create a legal 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 become one of the world leaders in industry development.

Zhao recently denied media claims aboutlarge-scale purchase of bitcoins during a market decline. According to Zhao, the increase in the number of BTC in the exchange's cold wallets indicates an increase in deposits made by users.