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Coinbase Moves After Binance. Binance’s agreement to pay a 4.3 billion dollar fine and acceptance of charges in the US, along with CEO Changpeng Zhao’s resignation, will be seriously inscribed in crypto history. Binance’s biggest competitor, Coinbase, sees this as both a teachable moment and a validation of its approach.
In a statement on Tuesday, Coinbase CEO Brian Armstrong said, “Since Coinbase was founded in 2012, we have taken a long-term view. I knew that we needed to embrace compliance to become a company that stood the test of time across generations.”
“We have obtained licenses, hired compliance and legal teams, and made it clear that our brand is about trust and adherence to rules.”
Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust…
— Brian Armstrong 🛡️ (@brian_armstrong) November 21, 2023
According to court records announced on Tuesday, Binance CEO CZ agreed to step down as part of a defense agreement with the US Department of Justice. He pleaded guilty to anti-money laundering violations and will pay a 50 million dollar fine. As a result, Coinbase moves after Binance.
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The world’s largest crypto exchange acknowledges charges of money laundering, conspiring to carry out unlicensed money transmission business, and sanctions violations.
Binance will also pay a 1.8 billion dollar fine and agree to a forfeiture order requiring it to pay an additional 2.5 billion dollars.
Coinbase CEO Armstrong’s remarks touched on the hard path of adopting a compliant approach. In his post, he said “Adopting a compliant approach is harder and more expensive. You can’t release every product customers want when it’s unlawful”
“Today’s news strongly reinforces that doing it the hard way was the right decision. We now have the opportunity to turn a new page in this sector.” He added.
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