Facebook has been seeing a lot of regulatory issues from the day they announced the launch of Libra. Keeping this in mind the Malta-based cryptocurrency exchange, Binance planned for a different approach to launch it’s cryptocurrency Venus.
In an interview with Bloomberg, the co-founder of Binance, He Yi said,
“If we want to launch Venus in a country, we’ll make sure it complies with the regulations”.
The launch of Venus has drawn a lot of motivation from the launch of Libra, but there are few differences. He Yi said, Venus will mainly focus on developing partnerships outside the Western world. She also referred Venus as “Belt and Road version of Libra,” mainly referencing China.
The goal of binance’s Venus is to create multiple coins through partnerships. They aim to partner with governments, corporations, technology companies, and other cryptocurrency companies. This also includes projects involved in larger blockchain ecosystem.
According to Bloomberg reports it is during the past,
“[Binance] quit markets including Japan and China to avoid clashes with local financial watchdogs. But more recently Binance has set up regulatory-compliant exchanges in friendlier jurisdictions like Singapore and Malta, allowing customers to trade using real money.”
In a blogpost announcing the initiative,
“Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.”