Binance founder and CEO Zhang Ping Zhao, or CZH, said he needs to do more to prevent intelligent American traders from illegally accessing the global exchange .
In an interview with Bloomberg, CZ said his exchange should be smarter about how we are preventing US traders from accessing the platform.
CZ explained, “Basically, we are constantly trying to improve our blocks. Sometimes there are a few people who want to circumvent our ban and they are still using the platform and we have to come up with a smarter way to protect that and when we do, we block them.
Binance, the world's largest cryptocurrency exchange by volume, ceased serving American traders in September 2019 due to regulatory risks. The exchange will later launch Binance US in partnership with BAM Trading Services, which has been approved by the Anti-Financial Crime Network to serve American clients.
CZ reiterated to the agency last Friday that Binance.US is a separate entity that licenses technology from Binance and receives branding support from the Malta exchange.
trading volumes on Binance.s are said to be only a fraction of the daily trading volume on the main Binance platform. However, the reported volumes are often inflated and do not represent actual trading activity. According to Cointelegraph, the large exchanges continue to advertise fake volumes.
Several cryptocurrency exchanges have struggled to gain a foothold in the United States over the state's inconsistent legal approach to digital assets. Just last month, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against the Bitmex derivative exchange to run an unregistered brokerage.
At the same time, the Ministry of Justice is seeking to impose criminal penalties on Bitmex's executive team for facilitating the exchange to launder money to and from the United States.
In response, the exchange announced new measures to combat money laundering and trade control to exclude bad actors.
