Binance CEO Pleads Guilty, Micapass Offers Insights on Crypto Future
Recently, Binance CEO Changpeng Zhao pleaded guilty to anti-money laundering charges, agreeing to a $50 million fine to sustain the company’s operations.
The CEO of an AML crypto compliance solution, Micapass, Gintarė Košubienė says this situation might revolutionize future AML crypto compliance practices.
“Binance pleading guilty to federal charges is a breaking moment in the crypto industry that shows the immediate need for order and regulation,” says Gintarė Košubienė. “When the large crypto exchanges face consequences of disregarded KYC and AML practices, it creates a strong impression that crypto compliance should be a priority and constantly updated to avoid illicit crypto funds flow into protocols and exchange platforms without getting noticed. For now, bad actors can easily use crypto platforms – whether it’s money for terrorism, child abuse, illegal drugs, and more. New innovative compliance providers, like Micapass, are creating automated technologies that could help all the ecosystem players, including Binance, enter a more transparent crypto era and notice potentially illicit acts happening on their platforms faster with smart contract-based AML checks.”
Micapass solution provides a smart contract-based digital identity by running real-time, ongoing AML checks. It helps virtual asset providers identify bad actors leaving their illicit funds off-chain.
Account Manager @ Sensus PR