Richard Teng, the CEO of Binance, said that the company continues to secure new regulatory approvals and licenses globally. Teng made this statement during a January 25 episode of the Beyond the Valley podcast.
“We now hold 21 regulatory licenses globally, with recent approvals in major markets like Brazil, Argentina, and Indonesia,” said Teng. “We are working tirelessly to support crypto adoption and deployment."
Earlier this month, Binance reached an agreement with Uzbekistan's National Agency of Perspective Projects (NAPP) to operate in the country. According to a post on the company's website, under a crypto exchange license issued to COINPAY LLC, Binance will offer deposits and withdrawals in Uzbekistan's currency via local payment systems. The company aims "to create a safe, regulated environment that promotes the development of the crypto and drives value for users" and prioritizes compliance with various laws in each jurisdiction where it operates.
Binance also operates in several countries including France, Italy, Lithuania, Spain, Poland, Sweden, Australia, Japan, India, New Zealand, El Salvador, Argentina, Brazil, and South Africa. The company requires all users to comply with its know-your-customer (KYC) rules as well as regulations pertaining to anti-money laundering (AML), counter-terrorism financing, and other local regulatory stipulations.
According to Binance's website, its list of "prohibited countries" includes the United States, Cuba, North Korea, Iran, and Syria.
Binance had a daily trading volume of $76 billion as of 2022 according to CoinMarketCap. Launched in 2017, the platform lists more than 350 cryptocurrencies that users can buy, sell, and store.
Teng joined Binance in August 2021. He previously served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore. He became CEO of Binance in November 2023.