Binance to Change Business Structure as Regulatory Pressure Tightens
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Cryptocurrency exchange Binance plans to establish a centralized entity to work with regulators, Binance CEO, Changpeng Zhao, told the South China Morning Post in an interview. He noted that the exchange has come to realize that it needs to have a centralized business structure as the exchange itself is centralized as well.

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"We need to have clear records of stakeholders' ownership, transparency and risk controls," Zhao added.

However, it remains unclear how exactly Binance wants to change its operational architecture. Zhao also forecasted that people will likely use bitcoin (EXANTE: Bitcoin) to pay their friends all over the world once central bank digital currencies (CBDC) will come into play.

Binance Winds Down Services in Singapore After Inclusion in Alert List

The Binance CEO revealed plans to restructure the business after the exchange drew scrutiny from regulators around the world over unauthorized activity of affiliated companies. As of press time, watchdogs of Hong Kong, Poland, Malta, Italy, Cayman Islands and Singapore issued warnings against the exchange and affiliated companies.

While the Financial Conduct Authority acknowledged that Binance Markets had complied with all aspects of the requirements imposed on it, the agency said the exchange is still not permitted to undertake any regulated activity in the UK.

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