Changpeng Zhao, Binance CEO and Founder, stated that Binance will work with local regulators in order to establish Binance regional headquarters.
Binance’s CEO has also indicated that he is willing to step down in order to allow the exchange to become a regulated financial institution.
Financial regulators all over the globe are now looking into Binance as Binance received numerous warnings from seven countries regulators. Read More: Italy Becomes The 7th Country To Issue A Regulatory Alert Against BinanceÂ
Zhao stated that Binance is now looking to establish regional headquarters all over the globe, and has requested licenses whenever possible, in light of recent events.
Zhao Said On Twitter:
“There are no immediate plans to replace me as CEO. I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.
We are always hiring for CEOs. I don’t need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm. I am proud to be a member of the binance ecosystem. Let’s keep growing it.
CEO contingency planning starts in day 0, same as any other role. I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years.”
Binance Daily Withdrawal Limit Reduced
Binance has reduced its daily withdrawal limit for unverified Accounts by 96%.
Accounts that have not been fully verified will see their daily withdrawal limits adjusted to 0.06 BTC from 2 BTC.
This was done because Binance is being criticized by regulators around the globe for not following regulatory requirements.
Binance Leverage Trading Limit Reduced
Binance CEOs announced that they will reduce new users’ leverage trading limits.
Binance now allow maximum leverage trading up to 20x. CZ stated that the reduction was made to protect traders. He added, “In the interest of consumer protection we will apply this to existing customers progressively over the coming weeks.”
.@binance futures started limiting new users to max 20x leverage last Monday, Jul 19th, 7 days ago. (We didn't want to make this a thingy).
In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks.
Stay #SAFU. ?
— CZ ? Binance (@cz_binance) July 26, 2021
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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