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    Home » Crypto News » Binance Aims to Be Regulated Everywhere, Says CZ

    Binance Aims to Be Regulated Everywhere, Says CZ

    Author: Andrew Throuvalas

    Last Updated Jul 28, 2021 @ 08:22

    The cryptocurrency exchange, which has been under pressure from financial regulators across the world, has plans to get licensed everywhere.

    Changpeng Zhao, CEO of Binance, recently revealed some major potential changes the exchange may be making to improve its relations with financial regulators.

    Binance’s New Plans

    While speaking to journalists, Zhao stated that Binance intends to establish regional headquarters given the approval of regulators, marking a centralization of its operations.

    Furthermore, Zhao says that he may also step down in place of a successor that can address these regulatory issues better than he can. He emphasizes that he is not being forced to do so but would do this for the sake of the business.

    “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.”

    The CEO also stated that he plans to see Binance “licensed everywhere” and that from here on out, it will be a “financial institution.”

    cz_binance_cover
    Binance CEO Chaingpeng Zhao. Source: Medium

    These comments come as regulators scrutinize the exchange on many fronts, including its suspected use for money laundering– a timeless criticism of cryptocurrency that has almost always lacked statistical proof.

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    Regulatory Issues with Binance

    This is not the first time Binance has had to adjust its operations to appease regulatory bodies. Just this month, Binance announced that they would stop trading tokens representing equity stocks– an only three-month-old service that came under German scrutiny only weeks after its launch.

    Furthermore, the company recently said it would be reducing the max leverage to 20X on July 19th, in order to ease consumer protection concerns.

    Binance trading volumes reached $668 billion dollars last month, with increasing popularity in Britain. However, the exchange was recently barred from engaging in regulated financial activities there as well.

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    Tags: Binance Changpeng Zhao (CZ Binance)
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    About The Author

    Andrew Throuvalas
    More posts by this author

    Andrew is a content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
    Contact: Medium | LinkedIn | Twitter

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