Binance CEO announced that they are planning to get regulated exchange globally. He shared his plans that are much needed to become a regulated & centralised exchange under regulations.
In this year when the market started to boom, then Binance exchange started to get lots of issues from the global regulators entities. Recently he said that it is “never easy to run a crypto exchange” and tried to indicate how much of a problem they are getting because of issues that different countries’ regulators are raising day by day. In a recent interview Binance revealed their future plans to operate their operations perfectly all over the world without much restrictions/problems because of regulators.
In an interview, Zhao, CEO of Binance said that Binance plans to establish regional headquarters all over the world under the approval of regulators, marking a centralization of exchange operations.
“I’m a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to look for a leader with a strong regulatory background.”
Zhao furthermore said that through their plans, they will get much easier environment to handle the issues raised by the regulators because of their presence. And also they said that they are not forced by any entity or authorities for such actions.
And also Zhao revealed that they want to get out of this situation to become a “financial institution” by getting License everywhere globally.
Well this planning of Binance exchange is really appreciable because almost all the financial regulators are raising issues against Binance regarding their operations on the basis of suspicion that they may be involved or in money laundering or by chance they are giving push to money laundering activities without restriction.
Before this, Binance US, which is subsidiary of Binance Exchange hired one of the ex member of U.S SEC so that they can handle the regulatory situations in U.S for Binance US more perfectly ,but it seems they are not getting better help through these steps, so probably they are ready with new strategy to handle the raised issues against their operations.