The co-founder of Binance, He Yi, revealed in a podcast that the cryptocurrency exchange has conducted over 120 internal investigations in the past two years, resulting in the firing of 60 employees and the recovery of $30 million in illicit gains. Binance has also hired law enforcement coordinators to ensure compliance with regulations such as the Bank Secrecy Act and anti-money laundering rules. The exchange is pursuing legal actions in two cases to reclaim additional assets. Binance aims to create a safe and compliant environment, especially as 28% of crypto users are Americans and the US has strict financial regulations. The company has faced scrutiny from regulators globally, including the SEC and NYDFS. Binance paid a $2.25 million fine in India and has been accused of unpaid taxes. Despite these challenges, Binance is working to remain transparent and adhere to regulations.



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