Binance executives want to work with regulators to get licences everywhere

Binance CEO and founder Changpeng Zhao said the largest cryptocurrency exchange will cooperate with local regulators as Binance lists its regional headquarters.

Zhao Changpeng wants to work with ” CZ ” regulatory agencies
The CEO of Binance cryptocurrency Exchange has said he is prepared to step down if the company wants to become a regulated financial institution.

Changpeng ” ZZ ” Zhao said at a virtual news conference on Tuesday that he had no immediate plans to take up his position, but that the company did have a plan of success.

“We will appeal to a fully regulated financial institution in the future, “Zhao told reporters, adding that during this turnaround, it would be” very open ” to finding a new CEO with more regulatory experience.

“We want the solution to be everywhere,” CHZ added. “From now on, we will be a financial institution.”

Zhao’s comments come after Binance came under increased scrutiny by regulators who worried that cryptocurrency exchanges could be used to launder money or that investors would fall victim to fraud and illegal betting. Binance is the world’s largest digital currency exchange by trade volume.

Financial regulators in the UK, the US. Germany, Singapore, Hong Kong, Italy, Japan, Malta, Lithuania and Thailand have recently expressed concerns about Binance.

In an interview with reporters, Zhao made a clear assessment of the problems, saying he wanted to improve relations with regulatory agencies. He said Binance would seek their approval to set up a regional headquarters, disrupting the company’s decentralized structure.

Stressing that he did not intend to leave immediately, Zhao also stated that he was open to handing over the torch to his successor.

“This is not a situation where I was forced to resign,” Zhao told reporters, adding that he was prepared to hand over control to someone”who could work better.”

“I’m a tech entrepreneur

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