Binance CEO Changpeng Zhao Says Crypto Industry May Face Heavy Regulations Soon

Changpeng Zhao, the CEO of Binance, believes that some severe crypto regulations are expected to be executed over the crypto space. He indicated while appearing at REDeFINE TOMORROW 2021 (the yearly held virtual summit regarding blockchain) that the world’s bigger exchange of cryptocurrency is operated by Binance, and it is an ecosystem of the initiatives and platforms like Binance Chain, Binance Academy, Binance Launchpad, Trust Wallet, and Binance Labs, that are based on blockchain. He stated that the organization is providing financial services to pivot the mindset of people toward convenient crypto trading.

CZ discussed with TP (Tai Panich), the chief investment and venture officer of the company named SCB 10X (a subsidiary of Thailand’s Siam Commercial Bank that held the event. The topic was about the possibility for Binance to have some alterations during the forthcoming scrutiny to befall crypto space. He mentioned that a clear signal that can be drawn from the approaching scrutiny is that there should be an expectation of some excessive crypto regulations. He added that the organization is transforming from a tech company into a provider of financial services.

He further disclosed that the organization is increasing its efforts regarding the acceptance of the regulations, and some former regulators are also being hired for this purpose. Additionally, he described, there is a requirement of communication localization as the regulators are not the solid point of the firm.

Bloomberg published an article in May which stated that the trading commission for the commodity futures, the internal revenue service, and the justice department of the United States are all examining Binance. It further pointed out that no details had been provided about the procedure of their analysis and that all the investigations do not lead to the accusations of illegal activities.

Binance was banned from continuing its operations by the authorities in 2019. Subsequently, Binance.US, which is an independent exchange for cryptocurrency being registered with the financial law enforcement network of the United States to follow the rules and regulations of the country, was launched by Binance in association with some other investors.

CZ, while arguing with TP, revealed that the organization possesses numerous opportunities for growth like the creation of some new branches to work in the other continents for spreading the space of cryptocurrency, and exploring the other areas like DeFi (decentralized finance) as well as the NFTs (non-fungible tokens).

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