Binance, the leading cryptocurrency exchange, has announced it is preparing changes to be able to work with regulators more closely. Its CEO, Changpeng Zhao, stated the company is ready to apply the needed revisions to transform the exchange into a regulated financial institution in the future. This is Binance’s answer to a series of regulatory issues it has been facing with regulators from all over the world.
Binance Readies Regulator-Friendly Changes
Binance, the world’s biggest cryptocurrency exchange by trade volume, has announced it is preparing changes to better fit the requirements of regulators. The statements were made by Binance’s CEO, Changpeng Zhao, in an interview with the South China Morning Post published on September 16, where he hinted at a change in how the institution will treat regulatory matters. He stated:
As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators.
This is a clear departure from the policy that Binance had applied before, stating it wasn’t headquartered…