Binance CEO Changpeng Zhao spoke in a television interview in Tokyo on Thursday, January 11, 2018.
Akio Kon | Bloomberg | Getty Images
The boss of crypto exchange Binance says he is ready to resign from his role as the company aims to become a regulated financial institution.
At a virtual press conference on Tuesday, Champon “CZ” Zhao said he has no plans to quit his role immediately, but the company has plans to succeed.
Zhao told reporters, “I’m going to pivot to become a fully regulated financial institution in the future,” and during that pivot, “very much” to find a replacement CEO with extensive regulatory experience. “Open to”, he added.
Binance is the world’s largest digital currency exchange in terms of trading volume. However, it has recently been under strict regulatory scrutiny as authorities around the world are trying to crack down on the fast-growing crypto industry.
In the United Kingdom, the Financial Conduct Authority has banned Binance’s UK unit from conducting regulated activities. According to the FCA, Binance was one of many cryptocurrency companies that withdrew their application for a temporary UK licensing system because it did not meet the requirements to prevent money laundering.
Regulators in Japan, Canada and Italy have also cracked down on the company and warned that they are not allowed to do business in each country.
Binance aims to have a number of regional headquarters around the world and will seek a license whenever it is available, Zhao said. He previously said that Binance has no official headquarters.
Zhao argued that there were no immediate plans for his successor, adding that Binance “keeps our options open.”
“I’m honored to continue running Binance as a regulated financial institution until I find someone who might do a better job,” he said.
May, Bloomberg report Binance faced a federal investigation by the US Department of Justice and the Internal Revenue Service.
Binance said it cannot specifically comment on ongoing discussions with regulators, whether in the United States or elsewhere.
The company said Monday that it was reducing the maximum leverage (or borrowing funds) users could use to trade futures contracts amid concerns that such high-risk bets would leave customers with significant losses. Stated.
Earlier this month, Binance saidStock tokenDigital digital version of stocks like, ” Tesla, Apple When Coinbase, To shift its commercial focus to other products. German regulators have warned that financial instruments may be in violation of securities law.
This year was a wild year for cryptocurrencies. BitcoinAt some point, the world’s largest digital coin reached a record high of nearly $ 65,000. However, it has shrunk sharply since then.
Binance says he’s ready to resign in a crypto crackdown
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