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This article is more than 2 month old.

Binance CEO ready to quit as world's biggest crypto exchange seeks to be 'fully regulated'

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Binance operations have been shut down by regulators in UK, Japan, Canada and Italy. It is reportedly facing a probe in the US.

Binance CEO ready to quit as world's biggest crypto exchange seeks to be 'fully regulated'
The top boss of Binance, the world’s largest cryptocurrency exchange, is willing to step down as the company seeks to become a regulated financial institution. Changpeng ‘CG’ Zhao said while there are no immediate plans for him to resign as CEO, in-house discussions have taken place on handing over the reins to a person with more regulatory experience.
"We’re going to be a fully regulated financial institution going forward," Zhao said during a virtual press conference on July 27.
"We are always hiring for CEOs. I don't need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm. I am proud to be a member of the Binance ecosystem. Let's keep growing it," Zhao tweeted.
"CEO contingency planning starts in day 0, same as any other role. I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years," he added.
Binance is the world’s leading cryptocurrency exchange in terms of daily trading volume and is based out of the Cayman Islands -- a known tax haven. The company has faced increased scrutiny over this year and the last due to Bitcoin’s meteoric rise. The exchange was forced to stop its activities in the UK after the country’s Financial Conduct Authority clamped down on the company.
Financial regulators in Japan, Canada and Italy have also shut down operations of Binance in their countries. In the US, the company is reportedly being investigated by the Department of Justice and Internal Revenue Service.