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  • 00:00So it's easy I'm sure. I'm sure you're disappointed. You've been working on this for a while. What's Plan B. I'm so actually we're not disappointed. This is the original plan. So we just invested it in a local regulated exchange called Equity. We usually call it RTX. So then we'll have to duplicate things in the run for a small market. Though Singapore is a very advanced market and is very pro crypto. We just didn't think we need to. But those applications there and it's kind of heavy. So we invested in SGX and we going to use that. So hopefully in the future. Sorry Singapore. A Singapore service. So yeah. So it's not it's not a huge surprise. I think many of the people are misunderstanding the situation. They see a withdraw from business. They get all worry. We're not leaving Singapore. We're still very much invested in Singapore. We was Singapore is still one of the leading countries in the world from Foxtel Emily Chang. All right. So you told me something similar when you were winding down the Finance UK and now you said to the Sunday Telegraph that you're building your UK arm up again. What are your plans in Great Britain. So for UK. Yeah. So we are in the process of reapplying for the licence there. UK we you know we tried a few different things and then we are in the process of applying for applications again. So yeah. So U.K. everything's on track. So yeah this can things go sometimes go through some what you call volatilities or changes in plans. But yeah we're proceeding full speed ahead. UK we also have a large UK team now. We're not large but we have a UK team based in the UK. We have we're making office there. We establish a physical presence all the usual requirements that's required for getting a license. Good morning Santa. I see in London and I wanted to ask you more about that and your plans in London. What is it. Is it that's more difficult to comply with when it comes to U.K. regulations. Is this around money laundering regulations. Is that why this takes some time. To be honest the KYC AML is the really easy part for full compliance. Those things are done out of the way zoo in the bank in the banking industry in the crypto industry. We actually do more or at least on par with the banks. So that's a very established process that's quite not that difficult to follow in the crypto world. We also use what we call on channel analysis. So we look at blog analytics to determine which transactions come from where. And the third part they're very fairly mature third party tools that's being used for that. So that part is actually the easy part. Many of the regulations today only focus on centralized exchanges so they don't look at defy they don't look at and FTSE they don't like they don't look at many other things. And so we are often talking with regulators they hate how do we regulate this other parts. So what we're really wanting to help regulators to have a broader view of the critical industry. Industry is not just centralized exchanges not just KYC AML even in the centralized space. We have to think about things like listing framework. How do we how do exchanges choose which to list. What was the criteria there. How do we to handle customer disputes. In what situations do we compensate users or not. So there's a lot of these kind of things that current regulations don't look at. And we actually want to educate regulators to look at more broader scope. Okay. So. So it's not all about know your customer it's not all about RTS money laundering. It's about the other things that you've pointed out there. And the way that regulation rubs up against these says still fairly new for regulators at least asset class. Where do you see regulators getting this right from the finance perspective from a seizing perspective. Where are the regulators. Why do they have a good handle on how to tackle it. So yeah that's a pretty that's a that's a very subjective opinion. But I think the regulators that are willing to talk with industry players are typically rogue. Well we'll learn more. But just right now to be honest this industry so new that most regulators do not come from the industry do not come from the industry unlike the banking world where you have seasoned banking officials going to the regulatory realm. So I think it places where the regulators are more open to talking with us and also other industry players. It's a it's a it's a mutual learning and mutual helping perspective. So we need to what we need to work together very closely to build this industry to build a healthy industry. A healthy industry that some say I mean our own Bloomberg intelligence analysts saying the US is getting left behind here because of the lack of spot ETF. For example the fat regulation perhaps is more tough versus other areas. Do you agree with that. Is the US investor behind the curve related to others because they can't access certain products to be very honest. Different countries are have different ways of regulating. There's no one country more advanced than the other. They're just more demanding different areas. So I can give you a couple of examples. U.S. is actually very good at math when it comes to banking support for cryptocurrency exchanges. The AC edge integration in the U.S. allow cryptocurrency exchanges to deduct money from users bank accounts automatically every month. In other parts of the world this is usually not possible. So so U.S. is very advanced on that. And U.S. also has the most innovations in defy. I believe more than 50 percent of the D5 projects are based out of the U.S. U.S. is more strict on the futures ETF and other products. Your interest generating products like yields or staking or earning higher you call it. So so U.S. is more limited on the products scope. That exchange can offer but we think the pure spot crypto exchange space the banking integration is very strong. So different different jurisdictions a little bit different. Yeah. Elon Musk said the sign up process for bitcoin was a little bit too complex for him. He said he had to jump through too many hoops to trade on on finance. How do you respond to that. Do you change your. Do you change your you ex. So no. So I think the part of us that he's complaining about is actually because we added such street compliance for KYC AML and also he is a U.S. citizen. So no one I want to thank the fact that he actually tried to register unbiased outcome. I think that itself that actually orientation itself is very respectable and I really thank him for that. And for him to making that public the we can't on board. Just I'll come to onboarding US users anyway. So he will fail at some stage. So I apologize for that experience. And I've since did redirect suggesting to use by consider using bonus us. And it's a smaller product set as I mentioned because of the regulations there. And yeah hopefully he enjoys that. We'll see what happens.
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Binance Is Not Leaving Singapore, CEO Zhao Says

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December 13th, 2021, 11:48 AM GMT+0000

Binance CEO Changpeng Zhao discusses crypto regulation, the company’s operations in Singapore and the U.K., and Elon Musk’s criticism of his experience signing up on the Binance platform. He speaks on “Bloomberg Surveillance Early Edition.”


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