As one of the most popular cryptocurrency exchanges continues to adapt to the regulatory landscape by tailoring its services and enforcing stricter know-your-customer (KYC) policies, Binance’s founder and CEO Changpeng Zhao told us that he is willing to step down and hand over control to a leader with a strong set of skills who is better suited to the current environment.
Binance was caught up in a regulatory storm in multiple countries, and as the platform’s focus on compliance rose, so did the platform’s focus on compliance, culminating in a series of customer notifications regarding rules and modifications being resolved.
Binance is rebranding itself.
Binance CEO Changpeng Zhao stated that he is willing to pass over the reins to a successor who can do a “better job,” but that he will not step down prematurely.
“I’m a technological entrepreneur,” says the speaker. We’re making the transition to becoming a regulated financial institution, and I’d be open to hiring someone with a solid regulatory background.”
“We want to be licensed all over the place… We’re going to be a financial institution from now on,” Zhao told Reuters, confirming his desire to better relations with policymakers while also revealing that Binance plans to shatter its decentralized structure by seeking clearance for regional headquarters.
The platform, whose native cryptocurrency, Binance Coin (BNB), is the fourth-largest by market cap at $53,2 billion, after Bitcoin (BTC), Ethereum (ETH), and stablecoin Tether (USDT), recently restricted highly leveraged positions and already curtailed several services, including margin trading and stock tokens, in response to regulatory pressure.
The most recent modification to the daily withdrawal limit, which affects users who passed only “Basic” verification and is intended to improve Binance’s KYC efforts, goes into effect immediately for new users, while existing “basic” accounts will be subject to the new limitation in stages.
Binance remaking itself in the new legal environment might be seen as a critical part of the process in which the ability to adapt and evolve over time both play a major role, in line with Darwin’s natural selection theory, which is often adopted in the business world.