Binance Wants To Be “Licensed Everywhere”, Says Cz

The CEO of the world’s largest cryptocurrency exchange Binance, Changpeng Zhao, declared his commitment to collaborate with global regulators on Tuesday, following a wave of crackdowns by authorities around the world.

“We need to be a licensed financial institution everywhere that we operate,” Zhao says in an interview.


The CEO stated that, If regulators expect Binance to have a headquarters, then Binance will establish regional headquarters around the world, This will give regulators a “very easy to understand structure,” he added.

In a series of tweet, CZ cleared doubts and misconceptions from people’s mind about the regulations and hiring of CEO.

As a result of its refusal to register with local regulators, Binance has been issued repeated warnings over the past few months.

The UK, Canada, Japan, Germany, Thailand, Italy, and the Cayman Islands have all inspected the company’s operations.

Changpeng Zhao also posted a tweet related to his “stepping down” as the CEO, and cleared it to the audience.

Binance was hit with various rules earlier this month, which drove hedge funders to withdraw their funds from the heavily regulated exchange.

Binance has also been banned from accepting credit card deposits from large UK banks as a result of the regulatory crackdown.

Binance cuts the leverage from 101x to 20x

Tuesday, Binance cut the withdrawal limit for users who have completed the company’s account verification process at the lowest level, a move that comes as Binance and the broader cryptocurrency exchange market have been under increased scrutiny by global regulators.

It was previously possible to withdraw up to 2 BTC every day for those who had completed the Basic Account Verification process.

For newly registered accounts, the daily limit has been cut to 0.06 BTC per day, effective immediately. Between August 4 and August 23, Binance will gradually implement this policy for existing accounts.

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