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

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.

Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.