Crypto Exchange Binance Plans to Be Regulated Financial Institution

Changpeng Zhao (CZ) CEO of Binance says that Binance wants “to be licensed everywhere” and “From now on, we’re going to be a financial institution.”

Crypto Exchange Binance Plans to Be Regulated Financial Institution

Following warnings by a growing list of regulators worldwide, CZ also revealed that Binance is seeking “a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”

Changpeng Zhao (CZ) has shown currency problems his exchange binance has been facing and reports of the exchange hiring a new chief executive.

Financial watchdog and Governments are closely observing the cryptocurrency area.  Many regulators from all over the world warned the Exchange about operating in their countries without properly authorized. They include  regulators in Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania

Commenting on regulatory scrutiny, CZ told reporters that he was willing to improve relations with regulators and also said  that Binance would seek their approval and establish regional headquarters, breaking with its decentralized structure. He stated:

“ We want to be licensed everywhere , From now on, we’re going to be a financial institution. “

Replying  to journalists that he would be willing to step down whenever he finds a successor who can do a “better job,”  also CZ told via Twitter that Binance’s “CEO contingency planning starts on day 0, same as any other role.”

He further opined: “I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years. We are always hiring for CEOs.”

While emphasizing, “There are no immediate plans to replace me as CEO,” he said: “I don’t need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm.” Zhao additionally detailed:

“ I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”

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