Binance CEO Changpeng Zhao to step down, Seeking a new with strong Compliance to lead #1 crypto Exchange

Binance CEO Changpeng Zhao is planning to step down from the post. Binance is struggling to regulate itself as an institution and follow the local and international rules after the ban in multiple countries.

Binance CEO Changpeng Zhao aka CZ said they have a succession plan in progress however this is not happening anytime soon. Speaking at a virtual press conference Tuesday he said,

“We’re going to pivot to be a fully regulated financial institution going forward.”  CZ told reporters, adding that, during that pivot, he would be “very open” to find a replacement CEO with more regulatory experience. CZ further quoted,

“We want to be licensed everywhere … From now on, we’re going to be a financial institution”

CZ is very positive about Binance’s future so he said he will anything and everything necessary to make Binance Compliant with the rules and Security agencies and watchdogs are watching closely the cryptocurrency space. He will step down if he could find someone who could do a better job than himself in getting Binance to a level he dreams of.

Binance CEO replacement: How it will affect Binance Coin

CZ has personal sentiments attachment to BNB (Binance Coin) and he was quite successful keeping the coin in news. The fundamental pumps by tweets not only helped BNB gain fame but also pushed the price above $650. His replacement however will affect the price of the BNB coin as it has already gained enough credibility and pumps. We might miss his sarcastically interesting tweets about BNB yet there’s hope that the coin will rockets if Binance gets regulated in more and more countries.