Crypto Exchange Binance Plans To Be A Regulated Financial Institution, Seeks CEO With Strong Compliance Background – Bitcoin News


Binance CEO Changpeng Zhao (CZ) said his company wanted “to be licensed everywhere” and “From now on we are going to be a financial institution.” Following warnings from a growing list of regulators around the world, Zhao also revealed that Binance is looking for “a strong compliance CEO to show our commitment to compliance as it is the top priority of the organization.” .

Binance CEO Unveils Company Regulatory Compliance Plans

Binance Founder and CEO Changpeng Zhao (CZ) addressed recent compliance issues facing his exchange and reports that the exchange is hiring a new CEO.

Governments and financial watchdogs are paying more attention to the cryptocurrency space. A growing number of regulators around the world have warned Binance against operating in their countries without proper authorization. They include regulators in Japan, UK, Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.

Commenting on regulatory oversight, Zhao told reporters he wanted to improve relations with regulators. He added that Binance would seek their approval and establish a regional headquarters, breaking with its decentralized structure. He was quoted as saying:

We want to be made redundant everywhere… From now on, we are going to be a financial institution.

Responding to reports that he would be willing to step down whenever he found a successor who could do a “better job,” Zhao explained via Twitter that “the Binance CEO’s contingency planning begins on day 0, as for any other role “.

He added: “I think CEOs shouldn’t stay longer than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only sit for 4 years. We are always recruiting CEOs.

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

I / we would love to hire a CEO with strong compliance training to show our commitment to compliance as it is the top priority of the organization.

What do you think about the fact that Binance wants to become a regulated financial institution and hire a new CEO? Let us know in the comments section below.

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