Amid the growing global clampdown of the fast-growing crypto industry, Binance CEO Changpeng Zhao has said this week that the cryptocurrency exchange would seek to transform into a regulated financial institution. Binance will set up several regional headquarters around the world and will seek licenses where they are available.
Changpeng made this announcement on Tuesday where he came out clear that he was willing to step down so that the company can become a regulated financial institution. He, however, added that the company has no succession plan in place, but he was open to finding a CEO with experience with regulations.
Binance is the largest cryptocurrency trading platform by volume. The platform, however, has come under intense global scrutiny lately as countries seek to control the fast-growing crypto industry.
The Financial Conduct Authority (FCA) in the UK banned Binance activities due to failure to meet the anti-money laundering requirements. Japan, Canada, and Italy have also warned the warned Binance that it is not authorized to operate in those countries.
Initially, Binance has no headquarters, but it seeks licenses around the world Binance plan to establish several regional headquarters.
“We’re going to pivot to be a fully regulated financial institution going forward. I’ll be honored to continue to run Binance as a regulated financial institution until we find somebody who may do a better job.”