Listen to this story
Binance grows to become a cryptocurrency exchange with centralized offices
Binance is an exchange platform for Bitcoin and various cryptocurrencies, which has earned the fame and approval of many. Since its founding in 2017, Binance has operated without the need for state entities, until in 2021 CEO Changpeng Zhao declared that it was time to work together with regulators.
This was caused by the regulations and laws of countries such as the United Kingdom, Italy and Chile that led to this decision that will change the platform. He states that "They need ownership records, transparency and risk controls" and that they must always be prepared for change, especially when it comes to facilitating Binance's work with regulators.
However, many say that this is very contradictory to CZ's belief that " the future of the industry lies in decentralization." But despite this, the CEO maintains that he does not want Binance to look like a "dubious" platform.
Regulations aren't the only thing that will change in the world of Binance
On the other hand, CZ stated that he plans to step aside as the leader of the Binance company that he founded himself. And since the end of July 2021, Binance has been looking for a new CEO who has more experience in complying with the new regulations.
In addition, to maintain the security and reliability of the platform, CZ established that it is mandatory to present identity documents and facial verification in each account. According to the CEO, it is about preventing and eradicating money laundering and ensuring that all transactions are as transparent as possible.
In the same way, Binance wants to expand in the United States market without worrying about regulations. Change that occurred as a result of an initial public offering between 2 or 3 years. CZ confirmed that Binance has been in and out of regulatory talks around the world.