Binance under pressure-Regulators sting.
Binance founder Changpeng Zhao has said he was willing to step down whenever he finds an heir who can do a “better job”.
The world’s biggest cryptocurrency exchanges is under severe pressure from regulators around the world.
Governments including financial watchdogs are engaging closer attention to the cryptocurrency industry, hereby laying rules that masquerade challenges for exchanges like Binance that have prospered in a mostly unregulated environment.
Zhao made statements after Binance came under tough scrutiny from regulators, owing to the fact that its cryptocurrency exchanges could be used for money laundering or that investors fall victim to extortions and fraudsters.
Financial authorities in Britain, Germany, Hong Kong, Italy, Japan, Lithuania and Thailand have brought up concerns about Binance.
Speaking to journalists, CZ gave an honest appraisal of the challenges, saying that he wanted to improve connections with regulators. He said Binance would seek their approval and establish regional headquarters, breaking with its decentralised structure.
Binance under pressure
While stressing that he doesn’t intend to leave immediately, Zhao also said he was open to handing over the supremacies to a heir.
This is not a situation where I am forced to step down,” Zhao told journalists, adding that he was willing to pass control to someone who could do a “better job“.
I’m a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to look for a leader with strong regulatory background.
He also agreed that Binance would seek approval by regulators.
We want to be licensed everywhere … From now on, we’re going to be a financial institution,”Zhao said, adding this would mark a maturation from its startup origins.