- Binance’s reputation has been hit hard lately
- Noah Perlman seeks to turn the tide
Newly Appointed Head of Compliance at Binance declaredthat his mission is to restore the exchange’s reputation with regulators and make it flawless.
The company’s reputation has suffered as a result of a series of lawsuits against it. At the end of March, the CFTC sued Binance. Later, two legal agencies filed a class action lawsuit against the exchange. Also, the Australian regulator ASIC has canceled the license of Binance Australia Derivatives. And this is not the whole FUD against the exchange.
Pearlman has been with Binance for about three months now. His office is in the United States, but Noah has nothing to do with Binance US. Its jurisdiction includes the rest of the world outside the United States.
He agreed to take over after being convinced by CZ that Binance had “turned the tide” with regulatory compliance. Pearlman said that Zhao backed it up with facts: “The company has increased its compliance workforce to approximately 750 people and added new tools to verify the identity of customers when they are hired.”
Pearlman also likened the regulatory compliance problem to adjusting a dial:
“You can turn the dial one way or the other. I want to protect Binance from bad players. It’s easy to do: just turn the dial all the way, and then we won’t have users.”
Noah believes it’s important to “communicate” with regulators and ensure all decisions are clearly documented.