Binance is expecting to build physical headquarters in various jurisdictions in a significant modification to regulators.
According to CEO Changpeng Zhao, a decentralized organization with no head office in any region confuses authorities.
Changpeng stated that many regulators scratch their heads as they do not have any headquarters. They could not comprehend an organization like that. So, they will do a standard structure that will understand by the regulators around the world.
The setting up of headquarters is yet to decide by the company. The CEO added.
Binance, which saw $3.88 billion in daily average trading volume last year, marked its fourth anniversary this month. Warnings from regulators in Japan, Italy, and the UK prompted some payment partners and institutional investors to evacuate.
Zhao said that he doesn’t bother about rivals capitalizing on the regulatory afflictions of Binance despite the situation. He stated that they have an entire ecosystem that is very difficult to copy in just one go.
In addition to the Visa-backed credit card, the ecosystem features crypto futures trading and OTC trading.
Binance’s Next Objective
Binance’s next objective is non-exchangeable tokens (NFTs), which use unique codes to verify digital asset ownership such as artworks, images, and videos.
Zhao’s focus diverts due to the pressure from regulators.
Changpeng Zhao says he has been hiring traditional bankers and former regulators to bolster his compliance team.
A diverse regulatory system desired by all nations, he added. Every country needs more teams, and they must experience compliance to communicate with authorities.
In estimate, at least a quarter of his company’s manpower and resources expended on security and compliance.
Binance is not a channel for hackers since the exchange recognizes for working with law enforcement authorities, Zhao said.
The CEO added that China has always had an order to make renminbi be the dominant currency around the world. They desire to promote blockchain technology. The problem is that the Chinese government never really encouraged Bitcoin.
Zhao believes that central bank digital currencies can help the crypto industry grow by validating blockchain technology and connecting it to the mainstream.
He stated that central bank digital currencies are backed by a central bank, which may help build trust among the general public. So they can help the adoption rate.
