Binance, the world’s largest crypto platform, is seeking a new CEO as it restructures to meet reservations from authorities around the world, according to present CEO Changpeng “CZ” Zhao in a press teleconference Tuesday.

According to Zhao, faced with a series of investigations and consumer cautions, Binance intends to shift its attitude from that of a digital company to that of a financial institution, complete with the necessary licenses and compliance procedures. According to Zhao, the firm, which earlier said that it is not situated anywhere, wants to create several locations worldwide and employ experienced compliance experts as regional CEOs. Besides, the company is applying for licenses in many countries.

Binance is under investigation in the United States by the Justice Department, the Internal Revenue Service, and other authorities. Thailand’s Securities and Exchange Commission complained Binance earlier in the month. Binance was not permitted to operate in the Cayman Islands, according to the financial authority.

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“Longer term, playing within the rules, 100% compliant, it’s much better to play within the confines of that,” Zhao stated. “That trade-off is very, very clear.”

Binance, which was established in 2017, has swiftly acquired market dominance by being more proactive and less concerned with rules than competitors like Coinbase Global Inc. As a result, it is currently both the world’s largest crypto exchange and a derivatives exchange. It also produces its coins, like Binance Coin, which has a market capitalization of $52 billion, making it the world’s fourth-largest digital currency.

Although the firm currently has a compliance department with several hundred employees, it plans to increase compliance hiring, particularly among top executives. Zhao’s successors may include some of the specialists versed in compliance, he added.

“Being CEO of any company is a very demanding job, I don’t mind taking a break,” Zhao said. “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.”


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