TechFlow news — In an interview with the South China Morning Post, Changpeng Zhao (CZ), founder of Binance, said that Binance has started engaging in dialogue with regulators to seek their approval and distance itself from the global crackdown on unlicensed platforms. "We operate a centralized exchange, and we've gradually realized the need for a centralized entity to work well with regulators. We need clear records of stakeholder ownership, transparency, and risk controls. As the largest player in this industry, we need to prepare ourselves for this shift. We're doing this to make cooperation with regulators easier."
It is reported that Binance has received warnings this year from regulatory authorities including those in the UK, Hong Kong China, Japan, and Singapore. To improve its relationship with regulators, Binance is rebuilding the exchange into a licensed financial institution with a centralized headquarters.
