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Binance CEO says the exchange will begin working towards regulatory compliance across the globe.

Cryptocurrency exchange giant Binance has halted GBP withdrawals for customers residing in the United Kingdom.


Binance CEO Changpeng Zhao has revealed that the crypto company will shift gears and begin working towards regulatory compliance across the globe. Zhao Tweeted several posts on Tuesday about the direction of his exchange. Binance CEO stated that he had hosted a one-hour press conference and shared important updates after the call ended. The posts serve to catch the public up on what steps the company is making toward its goal of gaining global compliance with regulators. 

 

Binance has been under fire by regulators. 

One of the world’s leading exchanges, Binance, has been under fire by regulators in numerous countries over the past few months, including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain. The Financial Conduct Authority (FCA) also recently issued a warning about the exchange and banned it from conducting some of its activities in the United Kingdom. The crypto exchange giant is being investigated for the illegal or illicit activity that has allegedly found a home on its platform. He clarified that no specific locations had been chosen yet.  

 

“We need to be a licensed financial institution everywhere that we operate.” 

During the conference, Binance CEO told reporters that “We need to be a licensed financial institution everywhere that we operate” and that Binance has “taken a strong pivot.” Amid the ongoing regulatory concerns before the crypto firm, Zhao spoke on how he will work to turn things around. In a series of tweets, Zhao broke down the steps that the exchange will be making in the near future. One of the issues revolves around Binance is not having an established headquarters. Zhao said that regional hubs around the would be established to give regulators a structure that is “very easy to understand.” 





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