Binance Chief Executive Officer, Zhao Changpeng has come forward to give a presentation on Binance's future direction plans. Zhao recently confirmed the exchange platform’s plans to shift from an existing innovative technology -oriented company, to a financial services provider.
In an exclusive interview with Squawk Box, Zhao Changpeng stated that Binance will be made a regulator -friendly company. CZ states that Binance will be ‘centralized’ or centrally regulated. To realize that Binance must move in that direction by adapting through a centralized structure and shifting the company’s focus to financial services rather than innovative technological advances.
Said CZ, "Now we are at a crucial point and we need to change from a technology company to a financial services company."
Binance has started setting up physical headquarters as well as several local branches as a move to. adhere to a centralized financial system.He noted that as the crypto industry grows, more regulatory oversight will be initiated and it is time for crypto businesses like Binance to change direction.
CZ also opined that at Binance, “We believe that regulation is a good thing for the industry”. This is because it will facilitate the use of crypto in the long run. With the rules, crypto assets can be reached to a wider audience with a sense of security in their use.
Last week, Changpeng Zhao also revealed Binance’s plans to become a provider of digital asset services in France by next year. Zhao last week said that France was among the top options for them to start operations and even possibly to the establishment of headquarters.
