Zhao, the founder and CEO of Binance in a one-hour press conference shared the steps taken to work with regulators to gain global compliance.
- Binance has been under scrutiny by regulators in numerous countries in the last few years including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain.
- The Financial Conduct Authority (FCA) recently issued a warning about Binance and banned it from performing any regulated activity in the UK.
- In the United States, Binance is under investigation for engaging in illegal or illicit activity. No clarifications on the investigations have been provided yet.
- During the conference, Zhao said Binance needs to be a licensed financial institution everywhere they operate by continued cooperation with regulators.
Zhao is looking to transform the exchange, including not having an established headquarters and initiating the process of obtaining licenses, where there is a legal framework that allows crypto exchanges.
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