Published on: February 23rd, 2021 • Duration: 45 minutes
Catherine Coley, CEO of Binance.US, joins Santiago Velez, co-founder and R&D division lead for Block Digital, to discuss Binance’s role in the crypto ecosystem, the need for different Binance exchanges based on jurisdiction, and the future of crypto. Coley explains that many countries and even states within countries have different laws and regulations, and in order to support as many regions as possible, Binance created jurisdiction-specific exchanges like Binance.US. Describing how different Binance exchanges are able to tailor their asset offerings to suit a wide array of regulatory environments, Coley says that Binance also plays a unique role in the ecosystem through bridging the traditional financial world as a fiat on-ramp for the crypto world by allowing users to withdraw their digital assets from their exchange and allocate them within the fully decentralized ecosystem, a feature that many other exchanges do not offer. This is in contrast to many exchanges that do not allow users to withdraw crypto from their platforms. Filmed on February 17, 2021.
Key Learnings: Crypto is a global phenomena that is spread across many jurisdictions, making it difficult to create a “one fits all” approach to legal requirements. Binance has developed separate exchanges to help onboard the largest amount of people while still being compliant with a wide variety of jurisdictions. Binance is somewhat unique in that it allows for users to fully withdraw their digital assets from the exchange.