Binance’s CEO Willing to Step Down as Part of New Expansion Plan

Leading cryptocurrency exchange, Binance has recently revealed that it wants to enable regional headquarters as it continues to deal with an ongoing regulatory crackdown.

According to a Tuesday report by Bloomberg, Binance’s CEO, Changpeng Zhao (CZ), said that the exchange is currently trying to apply for licenses everywhere.

CZ commented that Binance intends to move from being a tech startup to becoming a financial institution and it wants to coordinate with regulators by ensuring that its licensing and compliance procedures are in order.

Although Binance had earlier mentioned that it does not have a physical headquarters, its CEO hinted that it will soon establish multiple headquarters in different countries around the world and appoint senior officials who are conversant with compliance procedures as regional CEOs.

CZ Willing to Step Down as CEO

Binance’s CEO further mentioned that he will be willing to step down as CEO if the exchange finds someone who has a strong regulatory background.

The exchange has hundreds of compliance officers but CZ noted that Binance is planning to hire more senior compliance officers who might possibly take up the position of CEO.

He said,

“Being CEO of any company is a very demanding job, I don’t mind taking a break. We are serious enough to look for a compliance background person to lead the organization. I would be honored to lead Binance as a regulated financial institution until we find someone who may do a better job than I do.”

Regulators Tighten Crackdown on Binance

Binance has been facing stringent regulatory scrutiny in recent months. While this regulatory crackdown seems to be targeted at top crypto exchanges, Binance is noticeably the most attacked.

The exchange has been served with warnings from financial regulators in virtually every country that its services are available. 

It is currently under investigation by the US Justice Department, the Internal Revenue Service (IRS), the UK Financial Conduct Authority (FCA), and more.

Taking it to the next level, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint against Binance earlier this month.