Binance, the world’s largest cryptocurrency exchange company, is aiming to obtain status as a regulated financial institution in the US and other countries around the world. The company has faced a growing amount of scrutiny as government regulation agencies around the world have began questioning Binance and crypto exchange. Regulators in countries like Italy, Japan, and Canada have even gone so far as to announce that Binance is not allowed to operate within their respective countries.
“I’ll be honored to continue to run Binance as a regulated financial institution until we find somebody who may do a better job.”Changpeng “CZ” Zhao
To combat this issue, Binance CEO Changpeng “CZ” Zhao has stated that, allow there are no plans in place at the moment, he would be willing to step down as the company’s CEO if someone with more regulatory experience would be willing to take over. Binance has begun efforts to become fully regulated, as well as set up headquarters in various locations around the world.