Binance Onboards a Compliance-Focused CEO

Binance Onboards a Compliance-Focused CEO

The world’s largest crypto exchange Binance recently plans to hire a contingent CEO for its organization. The current CEO of Binance Changpeng Zhao (CZ) shares that the firm is ready to recruit a compliance-focused CEO to strengthen some regulatory strategies. Even after hiring a new CEO, CZ’s support and dedication for Binance will remain the same. 

Binance New Leadership Plans

The founder and CEO of Binance exchange, CZ posted a tweet regarding the onboarding of a contingent CEO. The organization is seeking a strong compliance candidate to support its contingency department plans. Moreover, Binance considers to have an alternative leadership community to enhance its regulatory strategies. The firm is looking out to provide an opportunity for an experienced compliance background CEO. In order to show our commitment to compliance as this is the top priority of the organization, he adds. 

In regards to the contingency regulatory plans, CZ shares, 

“Contingency planning starts on day zero, and a CEO should not stay for more than 10 years, ideally around 5 years.”

Besides, CZ states that as of now there are no immediate plans to replace his position. Thus, he requests the media and journalists not to misquote the announcement. Along with this he very humbly invites all interested candidates to apply for the available position at Binance. 

Further this largest decentralized ecosystem was founded in 2017 for trading the cryptocurrencies at the fastest rate. Additionally, Binance has its own native currency, BNB with zero gas fee. Notably, Binance exchange is so popular in the world as every crypto enthusiast is said to have a Binance account. With all these popularity and operations, Binance celebrated its 4th anniversary of its BNB ICO on July 2nd. 

Binance Renovates its Regulations

The significant reason behind  hiring a contingent CEO is to revamp and build the organization’s regulatory strategies. Binance exchange is now enhancing its platform to maintain the competency in the market. Besides CZ’s contribution, the firm requires a strong leader to develop its regulatory compliance policies. 

Along with the compliance commitment, Binance revealed to deploy the CipherTrace Traveler in June end. This commercial solution helps the users to detect bad actors and prevents their use of the Binance platform from DeFi hackers and frauds. 

Additionally, Binance is further planning to receive legal licenses for its exchange from Asia Pacific, Europe, the Middle East and Africa, and Latin America. And CZ shares that Binance exchange is strengthening its KYC measures to limit the withdrawal access for unverified users. 

Thus, with all these smart strategies Binance is heading forward achieving all its regulatory goals for the crypto industry. This supports all the users to perform a smooth trading with their assets on Binance platform. At present, Binance remains competitive with a daily  trading volume of $23.5B in the market.

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.