Binance chief executive officer Changpeng Zao knew that he can’t afford to live in wishful thinking. The CEO recently said he is already anticipating heavier regulatory policies on Binance in the future.
Zhao, or more commonly known as “CZ,” manages the largest cryptocurrency exchange in the world. Binance also has subsidiaries and other platforms such as Binance Academy, Binance Labs, Binance Launchpad, Binance Chain, and Trust Wallet.
These entities make Binance a complete cryptocurrency ecosystem that delivers various crypto services that serve different market needs.
Anticipating heavy regulations
In an event hosted by Thailand-based Siam Commercial Bank, CZ shared his opinion about the ongoing developments and challenges in Binance.
’It’s clear that heavy regulations should be expected. Binance is in the mindset of shifting from a tech start-up to a financial service,” the CEO said.
He also admitted that one of Binance’s weak points is communicating clearly with regulatory entities, and Zhao said they are working to strengthen this aspect to ensure smoother operations for the company.
CZ shared that one of the main focuses of Binance right now is to shift from being a tech startup to a full-fledged financial service company.
Facing challenges and opportunities
The U.S. Justice Department, the Internal Revenue Service, and the Commodity Futures Trading Commission have started investigating Binance for its alleged violations.
On top of that, the crypto exchange giant is also facing legal suits from governments around the world because of the company’s alleged failure to acquire licenses to operate in their countries.
CZ shared that while Binance is ready to face these challenges, the company isn’t taking its eyes off on the big opportunities that deserve to be seized such as DeFi and NFT markets.
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