Bas Lemmens, chief revenue officer at Chainalysis, said that crypto regulatory frameworks vary across regions, requiring companies and users to "comply" with local rules, which can be "complex." Lemmens made this statement during his talk at Binance Blockchain Week.
"First of all, the rules are not the same everywhere. The regulatory frameworks are not everywhere the same," said Lemmens. "Crypto is global; it's everywhere, and the rules are applied in different ways. That basically means for companies and even users, if you interact within a certain regulatory framework, you need to comply with those kinds of rules. But there's a whole patchwork of different regulation setups, and you have to navigate that, and that's rather complex."
According to a report by Social Capital Markets, the U.S. Securities and Exchange Commission (SEC) fines against the crypto industry surged by 3018% in 2024, increasing from $150.26 million in 2023 to $4.68 billion.
Social Capital Markets also reported that since 2013, the SEC has issued over $7.42 billion in fines to crypto firms and individuals, with 63% of this total occurring in 2024.
While enforcement actions by the SEC intensify, confusion about compliance requirements remains widespread across the industry.
Lemmens is the chief revenue officer at Chainalysis and has experience as an executive and advisor in the high-tech software industry. He focuses on driving growth and innovation for organizations, particularly large enterprises while navigating complex regulatory environments. With international experience in Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC), he has led technology organizations in diverse markets. His areas of expertise include software development, Web3, and digital asset management.
Binance Blockchain Week is a conference that brings together innovators, founders, investors, regulators, and officials to discuss the future of blockchain and Web3. The theme of this year's conference is "Momentum." According to the event's website: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."
