The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore it more fully. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly look at recent reporting on Binance that raises questions about the effectiveness of its compliance program, monitorships, and executive attitudes toward compliance.
They recap Binance’s 2023 resolution of U.S. criminal and civil matters involving money laundering and sanctions evasion. They discuss the Fortune article, which reported that Binance continued to route funds through its platform to the Iranian government in 2024 and into 2025. They highlight Mr. Zou’s public response on X, suggesting that if investigators found misconduct, it implied they failed to prevent it, which the hosts criticize as a misunderstanding that business units own risk and that compliance’s role is to provide systems, channels, oversight, and escalation rather than “prevent” all misconduct.
Key highlights:
Truth Stranger Than Fiction in Compliance
Binance’s 2023 Guilty Plea, $4.3B Penalty & Two Monitorships
Compliance Team Fallout: Investigators Fired & CCO on the Move
‘If You Found It, You Failed’: Why CEOs Misunderstand Compliance
Iran as the Red Line: Plea Agreement Breach, Politics, and Corruption Risk
Will Anyone Enforce This? Rule of Law Questions and What Comes Next
Welcome to AI Today in 5, the newest addition to the Compliance Podcast Network. Each day, Tom Fox will bring you 5 stories about AI to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the AI Today In 5. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest about AI.
Top AI stories include:
AI carries specific risks for financial advice. (Investment News)
Will EU AI push reduce control over PII? (CX Today)
AI reg priorities for compliance in 2026. (FinTechGlobal)
How native platforms are reshaping financial crime compliance. (FinTechGlobal)
For more information on the use of AI in Compliance programs, my new book, Upping Your Game, is available. You can purchase a copy of the book on Amazon.com.
This episode begins with a brief spotlight chat with Lucas Har from Dow Jones in Singapore, discussing trade compliance, sanctions, dual-use goods, and supply chain risk, particularly in the context of the currently strained US-China trade relationship following the recent increase in US tariffs on China and Hong Kong.
We then proceed to a discussion with Hong Kong-based Joshua Chu and Melizza Anievas to explore Hong Kong’s recently enacted Stablecoin Ordinance, including the distinction between meme coins and stablecoins, as well as the ever-evolving global landscape for virtual assets in light of recent regulatory developments in the US.
On May 21, 2025, the Hong Kong Legislative Council passed the Stablecoins Ordinance, creating a formal licensing regime for fiat-referenced stablecoin (FRS) issuers. While local in implementation, the regulatory milestone decisively places Hong Kong at the forefront of a broader Asian effort to shape the future of legitimate, rules-based decentralized finance (DeFi) and tokenized financial infrastructure.
The move came just one day after the US Senate passed the GENIUS Act. Against this backdrop, Hong Kong’s move added momentum to global harmonization efforts on stablecoin regulation, directing the policy debate more towards developing trustworthy digital asset ecosystems with practical, real-world utility and functionality.
The territory’s new framework requires all issuers promoting fiat-backed stablecoins to the general public locally to be licensed by the Hong Kong Monetary Authority (HKMA)—the city’s banking regulator and de facto central bank.
Additionally, issuers must hold reserves in either cash or high-quality, highly liquid assets, such as short-term government securities. Stablecoins must be redeemable at par value at any time. Issuers must regularly disclose their reserve holdings and undergo audits. AML/CFT compliance and risk controls are also required.
This regulatory clarity is paired with active development. For example, Hong Kong’s Stablecoin Sandbox, launched last year, has enabled companies such as Standard Chartered, Animoca Brands, and JD Coinlink to test real-world use cases across payments, capital markets, and trade finance. Ultimately, it reflects a coordinated effort to turn policy into practical rails for tokenized activity.
Joshua Chu
Joshua Chu is a prominent Hong Kong lawyer specializing in fintech and crypto matters, as well as a prolific writer. His opinion and insights are much sought after by the local press and correspondents of major foreign news organizations operating in the city. You can often hear him at his most candid on the radio at RTHK.
Joshua is also co-chair of the Hong Kong Web 3 Association and legal advisor to the Hong Kong Blockchain Association.
Melizza Anievas
Melizza Anievas is a co-founder and executive director of Women in Web3 Hong Kong. Under her leadership, Women in Web3 Hong Kong has grown to over 1,500 members and secured over HK$300,000 in sponsorships within a year, establishing working relationships with notable partners such as Google Cloud Hong Kong, The Sandbox, and Animoca Brands. A Web3 veteran since 2019, Melizza excels at devising growth-driven strategies and operating hyper-growth businesses.
Lucas Har
Lucas Har is based in Singapore and has been with Dow Jones Risk & Compliance for nearly a decade. He began his career with a focus on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) research across a diverse portfolio of Asia-Pacific jurisdictions.
Later, Lucas took on a leadership role overseeing the company’s content curation team, where he was responsible for news curation and monitoring adverse media.
In his current position, he manages the firm’s global trade compliance product suite, spearheading innovation and strategic growth.
He has also extensively engaged with financial institutions, corporations, and regulators across multiple regional jurisdictions, fostering discussions on export control compliance and further strengthening Dow Jones’s expertise in such an increasingly vital and complex area.
Discussion:
As our guests flesh out, several common threads emerge linking the two segments of today’s episode. The first is that of regulatory fragmentation across jurisdictions such as the US, mainland China, Hong Kong, and the EU.
There is also the issue of extraterritorial overreach and competition, particularly between China’s export rules and US crypto laws, as well as a global push for clarity in fast-moving, high-risk sectors, including the international trade of goods and virtual assets more broadly. Simply put, the heavy geopolitical undertones in both export control and digital asset regulation cannot be avoided, as they cast a shadow on the role of trust and credibility, or the lack thereof, in navigating both trade and cryptocurrency systems.
With that in mind, the podcast begins with Regulatory Ramblings host Ajay Shamdasani asking Lucas about the evolving regulatory landscape shaping international trade and its implications for Hong Kong businesses, as well as the impact of mainland China’s new export control regulations on dual-use goods.
Lucas shares what legal and compliance specialists need to know about the regulatory hurdles the firms they serve must adhere to, including sanctions and export control regulations, as well as best practices for enhancing due diligence procedures to mitigate trade-related risks.
Following that, Joshua and Melizza share their thoughts on what the new stablecoin ordinance will mean for Hong Kong, as well as the importance of recent US regulations. Securities and Exchange Commission clarifications on meme coins and their potential impact on legal, risk, and compliance strategies for developers and investors.
The three of them go on to discuss the key operational and regulatory challenges stablecoin issuers face under Hong Kong’s new licensing regime and how the US GENIUS and STABLE Acts might reshape the US stablecoin market and influence global regulatory approaches.
Indeed, something worth asking—and which Joshua and Melizza do not shy away from commenting on — is whether the relatively ‘light touch’ regulation of meme coins encourages innovation or exposes investors to undue risk.
The conversation concludes with a chat about how projects can effectively balance innovation with regulatory compliance amid differing US and APAC frameworks. Most memorable is how Melizza distinguishes between Web 3.0 and Web3.
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News—all from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings you the compliance professional and the compliance stories you need to know to end your busy week. Sit back, and in 10 minutes, hear the stories every compliance professional should know from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.
What happens when two top compliance commentators get together? They talk compliance, of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode!
Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings you the compliance professional and the compliance stories you need to know to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should know from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.
The overarching theme of this episode is US President Donald Trump’s recent announcement that the country would create a bitcoin reserve—a veritable Fort Knox-style depository comprised of several select cryptocurrencies.
In our initial Spotlight segment, we’ll chat with Andrew Fei, a Hong Kong-based partner with the law firm King & Wood Mallesons, about developments in digital asset regulations in the US and what they mean for our region.
Following that, we will have a lengthier chat with the doyen of all things Bitcoin and FinTech, Henri Arslanian, in Dubai about what the Trump administration’s actions towards virtual assets will mean for the Middle East and the world more broadly, from markets and policy perspectives.
Henri Arslanian
Henri Arslanian is the co-founder and managing partner of Nine Blocks Capital Management, one of the largest institutional-grade crypto hedge funds globally and the first crypto hedge fund to be licensed by Dubai’s Virtual Asset Regulatory Authority. He is also the Host of The Future of Money podcast.
Henri is an author, speaker, educator, and arguably one of the foremost fintech experts and evangelists. He is a TEDx and global keynote speaker, a best-selling published author, and regularly featured in global media, including Bloomberg, CNBC, CNN, BBC, The Wall Street Journal, The Economist, and the Financial Times.
His first book, “The Future of Finance: The Impact of FinTech, AI, and Crypto on Financial Services” (2019), was published by Palgrave Macmillan and ranked among Amazon’s global top 10 bestsellers in financial services, in addition to being recognized as one of the “Best FinTech Books of All Time” by Bookauthority.
Henri is also an adjunct professor at HKU, where he teaches the world’s first university-level FinTech course. He advises many of the world’s leading crypto exchanges, investors, financial institutions, and tech firms on their FinTech and crypto initiatives, as well as numerous governments, regulators, and central banks on FinTech and crypto regulatory and policy matters.
He was previously PwC’s crypto leader and partner and is a former chairman of the FinTech Association of Hong Kong. Prior to joining PwC, Henri worked for a FinTech start-up and spent many years with UBS Investment Bank in Hong Kong. He started his career as a financial markets and funds lawyer in Canada and Hong Kong and speaks five languages: English, French, Armenian, Spanish, and Mandarin.
Andrew Fei
Andrew Fei has over 15 years of experience in financial regulation, digital assets, fintech, structured finance, syndicated loans, and debt capital markets. Based in Hong Kong, he has been with the law firm of King & Wood Mallesons for a decade and is currently a partner.
Andrew has advised many major financial institutions, corporations, and fintech companies on a wide range of innovative cross-border tokenization and digital asset transactions, structured finance and derivatives transactions, close-out netting and collateral arrangements, syndicated financing transactions, Basel III regulatory capital instruments, securities financing transactions, financial regulatory matters, as well as digital asset-related transactions and arrangements.
He has been quoted as an expert on various topics in the international press, including the Financial Times, New York Times, International Financial Law Review, Risk.net, and South China Morning Post.
Andrew holds a master of laws degree from Harvard Law School and a double 1st class honors bachelor of laws degree from Cambridge University, where he was ranked second. He is qualified to practice law in New York and Hong Kong. In addition to his full-time legal practice, Andrew teaches banking law at the University of Hong Kong Faculty of Law.
Discussion:
The episode opens with Andrew Fei discussing recent US crypto regulatory developments. Then, Henri Arslanian, a leading voice in global crypto circles, shares his insights on the Trump administration’s decision to establish a cryptocurrency strategic reserve of Bitcoin, Ethereum, Solana, XRP, and Cardano. “This really may start paving the way for other countries to look at potentially acquiring Bitcoin as part of their strategic… their basket of reserves,” he said, referring to the ripple effect the US reserve move could have on global sovereign crypto adoption.
In the Spotlight segment, Andrew discusses with Regulatory Ramblings host Ajay Shamdasani the implications of recent US regulatory developments for Asia, the Middle East, and the rest of the world, such as the GENIUS Act and the recent White House Crypto Summit in Washington, DC.
Henri then shares his thoughts on the Trump administration’s decision to create a reserve composed of Bitcoin, Ethereum, Solana, XRP, and Cardano. While acknowledging it is a significant step forward for crypto, he said the move is not without criticism because it begs why certain virtual assets were chosen for the reserve and not others.
Reflecting on the 2024 US Presidential Election, Henri stressed that concerns over which party would be friendlier to the industry were partly why the recent US presidential election swung in Donald Trump’s favor. For many single-issue voters, the future of digital currencies was their paramount concern. In that sense, it could be said that 2024 was the election that the crypto bros bought.
Henri also shares his thoughts on what it means for the rest of the world if the US creates its crypto reserve, stating that the entry of institutional and sovereign players hints at a more distributed global adoption trend.
While the idea of a strategic reserve for critical assets or commodities is not new, it is curious why President Trump did so now when he was vehemently against crypto during his first term (2017-21). The popular press has suggested that Silicon Valley power players such as Peter Thiel, Marc Andreessen, and Elon Musk helped Trump change his mind and bring him around to the cause.
As Henri wrote in a recent piece on LinkedIn, “We should expect criticism—rightly so—regarding how the included coins were selected for this reserve. Bitcoin makes complete sense. One could also argue for ETH and perhaps SOL. However, the inclusion of XRP and ADA will likely be questioned.”
Solana and Ethereum are two platforms used by many American firms, including important companies like Visa and Blackrock.
As Henri noted in his recent article, the presidential action prohibited the purchase of additional crypto without a specific executive or legislative action. Simply put: “The U.S. is not going to buy new Bitcoin but rather keep the 200,000 BTC it already holds mainly via the seizure of Silk Road assets and the recovery of the Bitfinex hack.”
Moreover, mainland China purportedly holds around 190,000 Bitcoins, primarily acquired through its 2019 seizure from the PlusToken Ponzi scheme, and the UK allegedly owns 60,000 seized Bitcoins.
Regulatory Ramblings podcasts is brought to you by The University of Hong Kong – Reg/Tech Lab, HKU-SCF Fintech Academy, Asia Global Institute, and HKU-edX Professional Certificate in Fintech, with support from the HKU Faculty of Law.
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News—all from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.
What happens when two top compliance commentators get together? They talk compliance, of course. Join Tom Fox and Kristy Grant-Hart in 2 Gurus Talk Compliance as they discuss the latest compliance issues in this week’s episode!
Stories This Week Include:
DEI-reframing, not retreating. (FT) and WVA replaces DEI with “Dept. of Engagement and Compliance”. (12WBOY)
Trafigura and ex-COO were convicted of bribery. (Bloomberg)
Andrew Fei has over 15 years of experience in financial regulation, digital assets, fintech, structured finance, syndicated loans, and debt capital markets. Based in Hong Kong, he has been with the law firm of King & Wood Mallesons for a decade and is currently a partner.
