Binance CEO Changpeng Zhao says that he will be working closely with global regulators to gain and maintain compliance.
Zhao, the founder and CEO of Binance, Tweeted several posts on Tuesday about the direction of his exchange. Zhao stated that Binance had hosted a one-hour press conference and shared important updates after the call ended. The posts serve to catch the public up on what steps the company is making toward its goal of gaining global compliance with regulators.
Binance has been under fire by regulators in numerous countries over the past few months including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain.
Recently, the Financial Conduct Authority (FCA) issued a warning about Binance and banned it from conducting any regulated activity in the United Kingdom. Meanwhile, in the United States, Binance is being investigated for the illegal or illicit activity that has allegedly found a home on its platform. He clarified that no specific locations have been chosen yet.
During the conference, Zhao told reporters that “We need to be a licensed financial institution everywhere that we operate,” and that Binance has “taken a strong pivot.”
Changpeng Zhao looking to turn the tide for Binance
Amid all the issues surrounding Binance and its attempts to remain compliant, Zhao spoke on how he will work to turn things around. In a series of tweets, Zhao broke down the steps that the exchange will be making in the near future. One of those issues revolves around Binance not having an established headquarters. Zhao said that regional hubs around the would be established to give regulators a structure that is “very easy to understand.”
He starts by saying “we will continue to adapt to new regulations in order to best serve our users. So, what are we actually doing?” The first response to that question was that Binance has begun the process of obtaining licenses and approvals where there is already a legal framework in place to allow crypto exchanges. Zhao says that such work is already being done across Asia-Pacific, Latin America, Europe, the Middle East, and Africa. “We will actively work with regulators as more crypto-specific frameworks are introduced.”
In a follow-up tweet, Zhao also shared that the exchange was “actively hiring leadership with regulatory and compliance experience.” Zhao goes on to clarify that there is no plan to replace him as CEO at this time. Finally, he says that Binance is ready and willing to work with global regulators to find the best way to “set a fair playing field – consumer protection is important to us all.” He concludes that “we want to create a sustainable ecosystem around blockchain technology.”
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