Speaking with press reporters, Zhao specified that Binance plans to develop local head office with the approval of regulators. In this way, he worried the centralisation of his activities.
Zhao recently announced some possible changes that it might make to improve its relationship and communication with monetary regulators.
Zhao also stated that he might resign from his position to make way for a successor with the skills and experience to address these regulatory concerns better than he does. CZ was concerned that this would not be necessary, however would do so for the good of the business.
I am a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to looking for a leader with a strong regulatory background.
These comments are coming at a moment when regulators are evaluating stocks exchange on a range of fronts. This includes suspicions of it being used to launder money. This is an old criticism about cryptocurrencies. Often, there was no analytical proof.
Massive Actions by Binance
Binance just finished its 16th quarterly BNB combustion. Binance’s $393.6million Binance Coin (BNB) was thus removed from circulation. Binance is currently making a profit of about $2 billion per quarter due to its current burnout. BNB was not as heavily burned in this present crisis, which did not impact the token’s price.
The company also recently announced that it will lower maximum leverage to 20%. All this in an effort to minimize customer security problems.
Binance must change its actions not only to make regulators more liable, but also for other reasons. Binance’s trading volume reached $668 billion last month. Platoforma has become more popular in the UK. It was banned in the UK just recently.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.