Binance, one of the largest crypto money companies in the world, will go to a more centralized structure compared to the past in order to meet the expectations of regulators around the world.
- Changpeng Zhao, CEO of Binance, said that regulators have adopted Binance. decentralized structuring He said he wasn’t happy with the model.
- Speaking to the South China Morning Post, “When we started this business four years ago, we wanted to adopt a decentralized model. [ama] We couldn’t answer very simple questions asked by regulators. […] Regulators are not satisfied with this, sometimes they even find us suspicious.” said.
- Founded in 2017, Binance; Last month, it was at the top of both areas of the sector with a spot volume of 751 billion dollars and a derivatives volume of 1.9 trillion dollars.
- Changpeng Zhao said that they are starting to change the way they work. “To operate the centralized exchange, we need to be centralized. Behind (the stock market) there should be a central organization with a clear cap table, a defined investor, a decent board of directors and a properly managed, transparently implementing KYC/AML procedures.” said.
- New users until last month to take action without completing the know-your-customer process. Within the scope of this exchange, Binance offers every user authentication requirement brought.
- Before They expect regulators to contact them. Zhao said that they have started to expand their staff responsible for legal compliance and that Binance has started to take the first step in relations with regulators.
- Binance; It has been the focus of many warning texts issued by dozens of regulators spread over regions such as Asia, Europe and North America since June.
Image: Changpeng Zhao in Istanbul (Koin Bulletin archive)
Binance/Zhao: The article titled “We Need to Be Central to Operate the Centralized Exchange” was prepared by Ömer SAKMAR and published on koinbulteni.com.