The board of directors is impressive! Binance founder Zhao Changpeng is currently seeking a successor with a regulatory background, launching a tax reporting tool and aiming to achieve compliance globally.
"Regulatory compliance" appears to have become the top priority for the world's largest exchange, Binance. Founder and CEO Changpeng Zhao stated, "We are looking for someone with a strong regulatory background to succeed me as CEO. There is no timetable for the plan, and I may step down at any time." On the same day, Binance also held a press conference to introduce several compliance policies.
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Zhao Changpeng Willing to Step Down for Regulatory Compliance
According to CoinDesk's report, Binance founder Zhao Changpeng stated during a press conference that they are looking for a successor with a strong regulatory background for the CEO position. There is no timeline for this plan, and he may step down at any time. Zhao also mentioned that ideally, a CEO should not serve for more than five years.
He said, "I can dedicate myself to Binance forever, and I can do it without needing the role of CEO."
On the same day, Binance also issued a press release stating, "We hope to obtain licenses everywhere." Zhao Changpeng told reporters that he is willing to cooperate with regulators from all regions. Binance also reiterated its commitment to transform into a financial services institution.
Press Conference Announces New Policies: Tax Reporting Tool, Withdrawal Limits
Zhao Changpeng mentioned that Binance had just concluded a lengthy one-hour press conference to announce more regulatory-compliant policies.
Firstly, they reported on the progress of compliance permit applications in the Asia-Pacific region, EMEA (Europe, the Middle East, and Africa), and Latin America.
They also introduced the following three new measures:
- For users with basic KYC only (inputting personal information and address), the withdrawal limit has been reduced from 2 BTC to 0.06 BTC. Announcement
- The leverage limit for new contract accounts is set at 20x. Announcement
- They are providing a tax reporting tool to export complete trading activities for easy reporting to regulators worldwide. Announcement
Zhao Changpeng concluded by stating that Binance is ready to collaborate with regulators worldwide to create a fair environment that protects consumers.
https://twitter.com/cz_binance/status/1420056991922151424
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