Changpeng Zhao, CEO of Binance said he will work closely on achieving and maintaining compliance with international regulatory authorities. Also Said, his firm would work with global regulators and establish field headquarters
Zhao, Binance’s founder, and CEO tweeted several posts about the direction of his exchange on Tuesday. Changpeng Zhao, CEO of Binance, said he will work closely on achieving and maintaining compliance with international regulatory authorities.
Zhao stated that after the call ended, Binance held a one-hour press conference and shared significant updates. The posts are used to raise awareness of the company’s steps to achieve global adherence to regulators.
Over the past few months, regulators from numerous countries, including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain, have constantly watched over Binance.
The Financial Conduct Authority (FCA) recently issued a warning about Binance and prohibited it from carrying out regulated activities in the United Kingdom.
Related: Binance Crypto Exchange Warned By Italian Finance Regulator
Meanwhile, Binance has been investigated in the United States for illegal activity. He clarified that no particular locations have yet been selected.
Zhao told reporters at the conference that “We need to be a licensed financial institution everywhere we operate” and that Binance has “taken a strong pivot.”
Changpeng Zhao wants to change the tide of Binance in the middle of all the problems
Zhao discussed how he intends to work to improve things. Zhao broke down the steps of the exchange in a series of tweets. One such issue is that Binance does not have a physical headquarters. Zhao stated that regional hubs would be set up to offer a structure to regulators that is “very easy to understand.”
He begins 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 answer to that question was that Binance had started the process of acquiring licenses and authorizations, where the legal framework for crypto exchanges is already in place. Zhao says that the Asia-Pacific, Latin America, Europe, the Middle East, and Africa work is already being carried out. “We will work actively with regulators as we introduce more crypto-specific frameworks.”
Zhao also shared in a follow-up tweet that the exchange “actively hiring leadership with regulatory and compliance experience.” Zhao continues to clarify that there is no plan at this time to replace him as CEO. In conclusion, he says that Binance is ready and willing to work with global regulators 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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