Changpeng Zhao, founder, and CEO of the world’s largest exchange has announced that the exchange is looking to hire a new CEO as part of its contingency plans. In addition, the new CEO should have experience in regulatory compliance.
“We are actively hiring leadership with regulatory and compliance experience,” Zhao stated, “[We] would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”
Binance Seeks to a Contingent CEO and Zhao Is Not Leaving
According to the founder, “CEOs should not stay for more than 10 years, ideally around 5 years.” It may he could leave his situation his role soon as Binance was found in 2017.
However, Zhao also informs that he is not planning to leave Binance, instead, he will continue involving Binance from another position if a new CEO is hired.
The Regulatory Compliance Strategy of Binance
The plan of hiring new CEO is a part of the exchange’s newly announced regulatory compliance strategy.
Binance has started applying for licenses in regions which have a legal framework for crypto exchanges, including the Asia Pacific, Europe, the Middle East, and Africa, and Latin America.
Most recently, the Binance CEO also announced the reduction of withdrawal limits for unverified users aiming to strengthen KYC measures, therefore, therefore cut down on potential cases of illicit activity. Its daily withdrawal limits have been readjusted by 97%.
“Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification,” according to a blog post announcement.
In addition, not only is limiting futures trading leverage on certain accounts, but the exchange also is launching a tax reporting tool for users.
Adding a compliance-focused CEO is considered to help the leading cryptocurrency company meet those and other regulatory goals.
Binance is the largest cryptocurrency in the world, appealing to a daily trading volume of $23.5 billion.