Binance has been looking for a new CEO with a strong regulatory background. This happened after the company has been facing trouble operating in various countries due to the laws there. So, now the current CEO of the company has unveiled what they are planning. He says they want to be “licensed everywhere” and want to become a “financial institution”. This also means that Binance will start providing its services globally and will soon be a regulated financial company.
Even though Binance is the largest exchange globally, they are facing a lot of issues due to the regularity laws of different nations. They have gotten warnings for operating without permission and many other reasons. And all this can be solved only if the company forms a strong regulatory background. The first step to this is to change the CEO of the company.
On the scale at which Binance is operating, governments have kept a close eye on the company. This is why it is important for them to have an even better understanding of how to stay on the right side of the law. Binance also plans to work on improving its relationships with the regulators of various nations. By hiring a CEO from a regulatory background, they will show that they are emphasizing and making it their top priority.
Talking about the company’s plan to change the CEO, the current Chief Executive Officer of Binance said that all companies should change their CEO from time to time. At max, someone should be in that position for 10 years and preferably 5 years. This is because any company could benefit from new thinking and this is what they are trying to implement.
What are your thoughts on the idea that Binance will soon be a regulated financial company? And do you think that hiring a new CEO will help them stay on the right side of the court? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.