In Brief:
- Binance CEO said that hiring people with compliance and regulatory experience is his main focus right now.
- Zhao is “reasonably optimistic” that SEC Chair Gary Gensler would keep his commitments.
Changpeng “CZ” Zhao, Binance CEO and founder, stated that hiring staff with compliance and regulatory knowledge is his top priority. The business also wants to meet with US officials on a regular basis.
In an interview with Bloomberg TV, Zhao said, “I’m spending practically all of my time” on the compliance drive. “I’m not really active in the exchange’s day-to-day operations,” he added.
Regulators globally are looking into the cryptocurrency market, which has become popular as Bitcoin prices hit new highs. Officials in the United States have long been concerned that criminals are using cryptocurrency exchanges to hide from ransomware cyberattacks.
The US Justice Department has also opened an inquiry into Binance’s operations, saying that cryptocurrencies are used to hide felony. Several governments have begun investigations into Binance and ordered its affiliates to cease operations within their borders.
Also Read: London High Court Orders Binance to Identify the Crypto Hackers
Zhao further added that he’s “pretty sure” that Securities and Exchange Commission Chair Gary Gensler would “do the right thing”. Zhao further described Gary as “one of the most knowledgeable people in the regulatory space about crypto.”
About Binance:
Binance is a cryptocurrency exchange that allows users to trade a wide range of digital currencies. Its headquarters are in the Cayman Islands, where it was founded in 2017. Binance is currently the world’s largest exchange in terms of the daily trading volume.
