Binance CEO Changpeng Zhao says the crypto exchange will employ a different approach to solve impending regulatory issues.
Zhao hinted that Binance would increase its compliance team by the end of 2021 and establish regional headquarters across the globe to aid its operations.
According to a report by Reuters, the crypto exchange wants to become a full-fledged financial institution.
“We want to be licensed everywhere … From now on, we’re going to be a financial institution,” Zhao said.
He added that he would be willing to hand over the mantle of leadership at Binance to anyone who can do a “better job”.
“This is not a situation where I am forced to step down,” Changpeng Zhao “I’m a technology entrepreneur. We are doing this pivot to be a regulated financial institution and I would be very open to look for a leader with strong regulatory background.”
Binance has been targeted by financial regulators from different countries in the last couple of weeks and months. The crypto exchange continues to reiterate its commitment to collaborate with the financial authorities to find a solution to the highlighted problems.