TL;DR Breakdown
- Binance CEO says firm ready to comply with regulators in all countries it operates
- Zhao says regional headquarters will be built by the exchange firm
Changpeng Zhao, Chief Executive Officer of number one crypto firm, Binance Exchange has said clearly that the firm is working hard to get under regulators in all countries it operates in.
This is in the wake of crackdown the firm faces in several countries it operates in across the globe. Zhao while speaking to journalists noted that the firm is likely to make certain improvements in how it relates with regulators across countries.
Binance exchange aims to have headquarters
Towards having a better relationship with regulators, Zhao revealed that Binance exchange aims to establish headquarters across regions it operates. This would help Binance exchange centralize its operations all over.
Zhao, the CEO also said that he may have to step down as CEO for a successor who can help address regulatory issue better than himself. He reveals that he is not being forced to step down but chooses to do so for him for the sake of the business.
“I’m a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to look for a leader with a strong regulatory background, he said. ”
He expressed interest in seeing Binance exchange being a regulated entity everywhere and henceforth the firm is now a financial institution and not a tech firm.
Binance just pleasing regulators?
It is not the first time Zhao and Binance exchange would adjust operations to please regulators globally.
Recently, the firm stopped tokens representing equity stocks which it launched just three months back. The moment German regulators expressed concerns over the product it stopped trading in it.
Also, the company recently said it would be reducing the max leverage to 20X on July 19th, in order to ease consumer protection concerns.
However, amidst regulatory crackdown especially in UK, it appears to work in favor of the firm as more people get to know and sign up for its service even with the crackdown.
