The world’s largest stock exchange, Binance, gave up fighting after the approval problems with different country regulators and started to meet with the authorities.
Binance CEO Zhao Changpeng, who participated in CNBC’s Squawk Box program, said that after the regulatory problems they experienced, Binance was moving to re-establish itself as a centralized business.
CZ stated that Binance is taking clear steps towards centralization and in this context, the company should shift its focus from technological developments to financial services.
“We are at the crux of being the world’s largest cryptocurrency exchange.
At Binance, we need to move from a technology company to a financial services company.”
CZ also emphasized that the company has started to establish its physical headquarters from regional headquarters to local branches.
Stating that the cryptocurrency industry continues to grow, CZ said that exchanges like Binance should move away from decentralized foundations because local regulators do not know how to work with decentralized structures.
Finally, according to CZ, who stated that he believes the regulations are good for the crypto money industry, the regulations will allow them to reach wider audiences.
*Not Investment Advice.