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Binance CEO intends to quit as crypto exchange looks to become regulated

Binance CEO intends to quit as crypto exchange looks to become regulated

Binance CEO Changpeng Zhao added that during the pivot, he would be "very open" to look for his successor with more regulatory experience

Binance is looking for CEO Changpeng Zhao's replacement with a strong regulatory background Binance is looking for CEO Changpeng Zhao's replacement with a strong regulatory background

Binance CEO Changpeng Zhao has said he intends to resign from his post as the company endeavours to become a regulated financial institution. 

Speaking at a virtual presser on Tuesday, Changpeng, also known as "CZ",  also expressed his intent to cooperate with international regulators following a series of crackdowns against the world's largest cryptocurrency exchange by authorities worldwide. 

This is the reason why the company is looking for Zhao's replacement with a strong regulatory background. 

Also Read: Crypto exchange Binance to double compliance team amid global regulatory probes

"There is always a pool of candidates who could succeed me. We are looking for someone with a strong regulatory background to step in and be CEO," Zhao said at the press conference. He, however, added that there was no time frame for his succession and that he would not be quitting from his post right away.

"I will always contribute to Binance and the BNB ecosystem. I don't have to be CEO to do that," Zhao said.

 "We're going to pivot to be a fully regulated financial institution going forward," Zhao stated, adding that during the pivot, he would be "very open" to look for his successor with more regulatory experience.  

"We have a structure that's relatively hard to understand for regulators. For example, simple things like we don't have a headquarters," he told reporters. "So we are now looking to establish multiple headquarters in regional headquarters in different parts of the world. We don't have specific locations for all of them yet," Zhao added.

Also Read: Thailand's financial watchdog files criminal complaint against crypto exchange Binance

Binance recently came under intense scrutiny of jurisdictions comprising the UK, and Japan. The crypto exchange, on Tuesday, curtailed its customer withdrawal limit from 2 bitcoins to 0.06 bitcoins. Zhao clarified that he would be "honored to run Binance as a regulated financial institution."

Binance also aims to establish several regional headquarters across the world and will seek licenses anywhere they are available, he stated. Zhao had earlier said that the company has no official head office.