HomeNewscoinquora.comBinance CEO Plans to Step Down as the Exchange Faces Regulatory Pressure

Binance CEO Plans to Step Down as the Exchange Faces Regulatory Pressure

- Advertisement -


Binance CEO Plans to Step Down as the Exchange Faces Regulatory Pressure
  • CEO and founder of Binance said he is willing to step down.
  • Binance cut non-KYC withdrawal limits as it faces regulatory pressure.

CEO and founder of the largest crypto exchange said he is willing to step down from leading Binance as CEO. This comes amid Binance facing more regulatory pressure.

According to Binance CEO known as CZ, he’s willing to step down from his role as the company seeks to become a regulated financial institution.

During a conference on Tuesday, CZ said he had no plans to quit his role but the firm does have a succession plan in place. While he didn’t give details of the plan, he said he would step down when they find a successor who can do a “better job.”

Binance CEO said,

We’re going to pivot to be a fully regulated financial institution going forward. During that pivot, I would be very open to finding a replacement CEO with more regulatory experience.

During the same day, Binance noted that it is shrinking non-KYC withdrawal limits as it faces regulatory pressure. The world’s largest crypto exchange added that the said news would be immediately effective.

As per Binance, it reduces the withdrawal limit for users who have completed its lowest-tier account verification. It means that newly registered accounts would only be able to withdraw 0.06 BTC per day.

In addition, Binance said it will apply this policy for existing accounts between August 4 and August 23. Also, “We’re enhancing our KYC efforts to further our leadership in this area,” CZ noted.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,546FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 52,962.00
ethereum
Ethereum (ETH) $ 4,138.89
tether
Tether (USDT) $ 0.989142
bitcoin-cash
Bitcoin Cash (BCH) $ 529.17
litecoin
Litecoin (LTC) $ 183.69
eos
EOS (EOS) $ 3.76
okb
OKB (OKB) $ 25.46
tezos
Tezos (XTZ) $ 4.77
leo-token
LEO Token (LEO) $ 3.40
cardano
Cardano (ADA) $ 1.54
monero
Monero (XMR) $ 221.07
stellar
Stellar (XLM) $ 0.328242
chainlink
Chainlink (LINK) $ 22.94
huobi-token
Huobi Token (HT) $ 9.34
tron
TRON (TRX) $ 0.094345
usd-coin
USD Coin (USDC) $ 0.996819
dash
Dash (DASH) $ 164.64
neo
NEO (NEO) $ 34.47
iota
IOTA (MIOTA) $ 1.36
nem
NEM (XEM) $ 0.159425
zcash
Zcash (ZEC) $ 204.11
maker
Maker (MKR) $ 2,700.62
paxos-standard
Pax Dollar (USDP) $ 0.995862
ethereum-classic
Ethereum Classic (ETC) $ 44.05
vechain
VeChain (VET) $ 0.107491
true-usd
TrueUSD (TUSD) $ 0.997192
ftx-token
FTX Token (FTT) $ 45.81
kucoin-shares
KuCoin Token (KCS) $ 23.18
waves
Waves (WAVES) $ 20.29