Binance announced launching a Tax reporting tool API. This new API tool will allow Binance users to track their crypto activities to ensure they are fulfilling the reporting requirements laid out by the regulators. This tool will be made available on the Binance website and application.
CEO of Binance, Changpeng Zhao (CZ) had recently conducted a press conference where he shared the steps taken by the crypto exchange to comply with local regulations. The addition of this new API tool was added to the list of changes Binance was making. CZ on Twitter and stated:
“Binance is ready to assist regulators from around the world and together find the optimal way to set a fair playing field – consumer protection is important to all of us. We want to create a sustainable ecosystem around blockchain technology.”
CZ has assured adopting new regulations to be able to serve their customers. To do so, the exchange applied for “licenses and approvals where there is an existing legal framework for crypto exchanges.” This included regions like the Asia-Pacific, EMEA [Europe, the Middle East, and Africa], and Latin America.
Binance also enhanced its KYC efforts. It recently updated its daily withdrawal limits from 2 BTC to 0.06 BTC [~ $2,000] for accounts that have only passed basic account verification. Meanwhile, the Binance futures was limiting new futures accounts created within the past 30 days to 20x leverage from 19th July and this limit will be extended to accounts opened within the past 60 days, by 27th June.
Even though Binance was trying to be more compliant, there were rumors about the CEO being replaced. However, CZ assured that there were “no immediate plans”.
“There are no immediate plans to replace me as CEO. (Journalists like to mis-quote this). I always humbly invite everyone @binance or outside to raise their hand at this job.”
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