Binance CEO points to hiring a replacement as regulator

Binance CEO Changpeng Zhao ” CZ ” last week strongly hinted that he wanted to replace himself as the next CEO of the world’s largest crypto exchange.

“I am currently looking for a senior employee with strong compliance experience, with a strong regulatory background, to lead the entire organization, perhaps becoming Binance’s new CEO,” CHZ said. “I’m a tech entrepreneur, I’ve been running the company for four years, and that’s a good thing, and we need to go through that turnaround. I don’t think I’m the best person to lead this effort. I think someone with a very strong regulatory framework is actually better.”

His comments were discussed at a virtual summit with Mukaye Panich, chief investment officer of SCB 10X, the venture arm of Commercial Bank of Thailand Siam. In the same interview, he talked about his goal of making Binance public in the United States.

Binance has launched a series of high-profile hires over the past few months, some of them the result of a stock market fraught with deals with several global financial services regulators. In April, former U.S. financial regulator Brian Brooks appointed Binance US’s new CEO, a move seen as an attempt to compensate legislators; earlier this month, he hired Jonathan Farnell, who previously worked for eToro, as Binance’s new compliance director.

Is CZ ready to abandon ship? 
CZ’s previous rhetoric about regulation was an interesting journey. 

In April this year, CZ described the crypto industry’s relationship with regulators during a session at the clubhouse. “If I were a regulator, the most sensible thing I would do is look at the current rules in the traditional financial space and inject them into crypto,” CZ said. 

One of the most basic and day-to-day principles of this” current regulation ” is that companies are allowed to operate in the jurisdictions in which they do business. But CZ has never made it clear where Binance is, repeatedly claiming the company really is

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