Binance came out of nowhere in 2017 to become the world’s biggest cryptocurrency exchange. Its explosive growth has been fueled by a strategy of avoiding the regulatory headaches that go with the conventional banking system, and focusing instead on the freewheeling world of crypto-to-crypto trading.
Now, Binance is wading into the world of government-issued money—raising the question of whether it can keep growing without getting singed by regulators. The latest sign of Binance’s new focus came last week when the company announced it would hire CipherTrace, a California-based business that helps companies and law enforcement trace suspicious cryptocurrency movements.
“This is inline with our aggressive expansion plan. We want to keep standards of anti-money laundering and compliance at a high level,” Samuel Lim, chief compliance officer at Binance, told Fortune.