Binance CEO Willing to Step Down Amid Exchange Crack Down

Binance CEO Changpeng Zhao said he’s willing to step down from his role as the cryptocurrency exchange seeks to become a regulated financial institution.

July 28, 2021, | AtoZ MarketsChangpeng “CZ” Zhao, founder, and CEO of the world's largest cryptocurrency exchange, Binance, announced at a press conference on Tuesday that he was looking for a candidate to take over from him.

There is always a choice of candidates who could replace me. We are looking for someone with deep regulatory knowledge to take over and become CEO, ” Zhao said.

At the same time, he noted that the company does not limit the terms of searches, and he himself will not leave his post immediately.

I will always contribute to Binance and the BNB ecosystem. I don't have to be CEO to do this, ”Zhao added.

Over the past few months, several countries have issued warnings about Binance's unregulated status. Zhao said that he “would be honored to run Binance as a regulated financial institution” and that he would not leave the exchange, despite the actions of the regulators, until he found a better leader than himself.

Read also: Binance under Investigation by IRS, Department of Justice
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As part of the ongoing process of transforming Binance “from a technology startup to a financial institution,” the company intends to open several regional headquarters to make its structure more understandable for local regulators.

It is quite difficult for regulators to understand our structure. For example, such simple things as the absence of a head office. We now want to open several headquarters in different parts of the world. We have not yet decided where exactly they will be located,” Zhao said.

He also acknowledged that in the past, Binance interacted with regulators "not in the best way", but now plans to hire former employees of the relevant departments and "become regulated everywhere."

Zhao spoke of similar plans last week:

“I am now looking for a senior executive with deep knowledge of legal compliance and regulation to lead the entire organization, possibly becoming the new CEO of Binance. I am a tech entrepreneur. I ran the company for four years and everything was fine, but we need to do this reshuffle. I don't think I am the best person to lead this initiative. I think it's better for someone with more serious regulatory experience to do it. "
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