Binance CEO Says He Is Open To Stepping Down

Binance CEO Changpeng Zhao has said he is willing to step down from his position as the cryptocurrency exchange works towards becoming a regulated financial institution.

Speaking at a virtual press conference held on Tuesday, Changpeng Zhao said that, whilst he has no plans to quit his role for the time being, the company does have a succession plan in place. Zhao said that as Binance moves towards becoming a fully regulated financial institution, he would be “very open” to finding a new CEO with more regulatory experience.  

Binance is the largest digital currency exchange in the world. However, the company has recently come under intense regulatory scrutiny as authorities across the globe seek to clamp down on the crypto industry. In June of this year, the Financial Conduct Authority (FCA) banned Binance from conducting any “regulated activity” within the United Kingdom.

Regulators in Canada, Italy, and Japan have also clamped down on the company and have warned that it is not authorized to operate within their borders. 

Moving forward, Binance aims to establish several regional headquarters around the world. Zhao has said the company will seek licenses wherever they are available as it works towards its goal of becoming a regulated financial institution. 

Comments are closed.