Binance looks for new CEO to welcome regulation

Binance’s CEO Changpeng Zhao is willing to step down for a new Chief Executive Officer to turn the exchange platform into a regulated financial institution amidst the fast-growing crypto industry.

Otherwise known as CZ, the household name in the crypto industry discussed options for succession during a conference on July 27, ‘There is always a pool of candidates who could succeed me. We are looking for someone with a strong regulatory background to step in and be CEO.’

Although there are plans to look for a fresh face to lead the platform, Zhao has made it clear that there is no rush to step down. There is also no specific timeline of succession or overall strict selection process being followed. 

‘CEO contingency planning starts on Day 0, same as any other role. I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking,’ CZ said in a tweet after the conference took place. 

Zhao also discussed his dedication to Binance and what he plans to do when he steps down from his position, ‘I will always contribute to Binance and the BNB ecosystem. I don’t have to be CEO to do that.’ 

The announcement comes after reports that Binance is looking to transition from a tech startup to an official financial institution. These changes will also involve establishing a more permanent and structured set-up that will cater to regulators around the world. 

‘We’re going to pivot to be a fully regulated financial institution going forward. We have a structure that’s relatively hard to understand for regulators. For example, simple things like we don’t have a headquarters. So we are now looking to establish multiple headquarters in regional headquarters in different parts of the world. We don’t have specific locations for all of them yet,’ he mentioned.

The new developments are already in the works and the new CEO could be the one to lead the charge. Aside from that, Binance is also looking to add more employees to double the number of their team members by the end of 2021. 

Binance has been operating as a tech startup since 2017 with Zhao as its CEO. It has quickly become one of the best and most popular cryptocurrency exchange platforms in the world. 

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