Cryptocurrency exchange Binance plans to be a regulated financial institution, seeking a CEO with a strong compliance background – Bitcoin News

Binance CEO Changpeng Zhao (CZ) stated that his company hopes to “get a license everywhere” and “from now on, we will become a financial institution.” Following warnings from more and more regulators around the world, Zhao also revealed that Binance is looking for “a CEO with a strong compliance background to demonstrate our commitment to compliance, because this is the organization’s top priority.”

Binance CEO announces company regulatory compliance plan

Changpeng Zhao (CZ), the founder and CEO of Binance, addressed the compliance issues that his exchange has recently faced, and there are reports that the exchange has hired a new CEO.

The government and financial regulators are paying close attention to the cryptocurrency field. More and more regulators around the world warn Binance to conduct business in its country without proper authorization.They include regulatory agencies Japan, United Kingdom, Cayman Islands, Hongkong, Thailand, Germany, and Lithuania.

While commenting on the regulatory review, Zhao told reporters that he wanted to improve his relationship with regulatory agencies. He added that Binance will seek their approval and establish a regional headquarters to break its decentralized structure. He was quoted as saying:

We want to get a license anywhere…From now on, we will become a financial institution.

Zhao explained via Twitter that he would be willing to step down whenever he finds a successor who can do a “better job”. Binance’s “CEO emergency plan starts on day 0, the same as any other role.” “

He further believes: “I think the CEO’s term should not exceed 10 years, preferably about 5 years. We live in a dynamic world. We need new thinking. The president’s term is only 4 years. We have been hiring CEOs. .”

He emphasized, “There is currently no plan to replace me as the CEO,” he said: “I don’t need to be the CEO, I won’t leave. I will always find ways to contribute to the community behind my forearm tattoo.” Zhao Another detailed introduction:

I/we very much hope to hire a CEO with a strong compliance background to demonstrate our commitment to compliance, because this is the top priority of the organization.

How do you think 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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