Changpeng Zhao, CEO of Binance, while coming to the rescue of his firm, announced that his firm wants to be a licensed crypto exchange and trade platform in each and every jurisdiction of the world. He informs further that from here onward, Binance would want to become a financial institution. Faced with the warnings of multiple regulators in different countries over the issue of “regulation”, Zhao says that the company is in dire need of a new CEO particularly someone with a strong background in the compliance sector.
Finally, a responsible statement has come from one of the top and leading crypto exchanges of the world namely Binance. Changpeng Zhao, Binance CEO, said that Binance is willing to be regulated in each and every location where it has established a crypto trading arm. Before this statement, the regulatory problems were growing against the firm in multiple locations throughout the world. Meanwhile, the firm was unable to respond responsibly because one after the other warnings were received by Binance.
However, the compliance issue on the part of Biance was duly addressed by the company CEO. Zhao acknowledged that the issue of compliance has become one of the biggest issues that Binance has ever faced. He said that the issue of compliance cannot be taken for granted and neither can it be brushed under the carpet. Agree or not, but a business will need to ensure compliance at all costs if the business wants to keep going.
In the words of Binance’s CEO, the company is in dire need of a new CEO. Zhao revealed that the company needs a CEO on an urgent basis. However, they are looking to engage someone with a strong background in compliance. He said that the job opening post has been duly placed on the official website of Binance. He further suggested that the interested candidates can be from any particular country.
Worldwide governments as well as governmental functionaries, such as the regulators, have been closely monitoring crypto space. Multiple warnings have been sent to Binance against non-compliance with regulations by several regulators. The issue of Binance with the regulators is more or less the same i.e. Binance is running operations without obtaining licenses from respective authorities. So far, the regulators of Japan, Hong Kong, Cayman Islands, Lithuania, Thailand, and Germany have issued notices/warnings to local Binance exchanges.
With regard to the issue being faced by Binance in different countries, Zhao said that his focus is now on relationship building. He said that he will try and meet with the regulators and ensure them that his firm will fully abide by the regulations. He insisted that he would make sure that the firm obtains the due licenses. From there onwards, the company would want to become an institution like a bank.