Binance will ‘work with regulators’ as it expands, says CEO

Changpeng Zhao, the chief executive officer of Binance, has said he wants the major cryptocurrency exchange to work with local regulators as it establishes regional headquarters.

According to a Tuesday report from Reuters, Zhao, also known as CZ, hinted Binance would depart from its decentralized approach to finance and coordinate with regulators as the company expands.

“We want to be licensed everywhere,” said CZ.

Zhao also reiterated that he would be willing to step down as CEO should someone “with a strong regulatory background” be available. Last week at a SCB 10X virtual summit, CZ said he considered himself more of a tech entrepreneur, while an individual well versed in regulations might be suited to lead the crypto exchange:

“I’m actually looking for a senior person with a strong compliance background, with a strong regulatory background to lead the entire organization,” said CZ, adding:

“I’ve led the company for four years and it’s good, and we’ve got to go through this pivot […] I don’t think I’m the best person to lead that effort. I think having somebody with a very strong regulatory background is actually better.”

This story is developing and will be updated.