Binance is on the hunt for a CEO with regulatory and compliance skills, but Changpeng Zhao says he's not being replaced any time soon
- Binance CEO Changpeng Zhao said he's open to stepping down in favor of a compliance expert.
- The crypto exchange is seeking someone with a "strong regulatory background," he said.
- Zhao said he doesn't have to be CEO to continue contributing to Binance.
Binance CEO Changpeng Zhao said he's open to stepping down from his leadership role in favor of a compliance expert, as the crypto exchange seeks to cooperate better with global regulators.
Zhao stressed that he isn't making the move right away and that the company's search for a CEO with compliance and regulatory skills didn't mean he was being replaced immediately. "But I view this as a very important progression of our next pivot," he said at a virtual press conference on Tuesday.
Binance, one of the world's biggest crypto exchanges, vowed to make changes after a series of financial authorities around the world banned its operations for failing to register with local regulators. In the US, it has been subjected to investigation by the Justice Department and the Internal Revenue Service over concerns about illegal transactions.
The company now plans to double the size of its global compliance team by the end of 2021.
With this in view, Zhao said the hunt is on for a compliance expert as leader and that he would be able to help drive the company even after letting go of the role.
"If there is a suitable candidate that has a strong regulatory background that can lead an international business like Binance, I'll be very happy for that person to take the CEO role, so that this shows our commitment to regulatory compliance," he said.
"I will always contribute to Binance and the BNB ecosystem. I don't have to be CEO to do that."
Zhao, the founder of Binance, has been the company's CEO since its establishment in 2017. With a net worth of almost $2 billion, he is the fifth-richest on Forbes' list of crypto billionaires.
In a series of tweets later Tuesday, Zhao clarified what succession-planning means to him. He said CEOs should ideally stay in their roles for not more than five years, and suggested bringing a fresh approach helps businesses stay on top of developments.
"We live in a dynamic world. We need new thinking. Presidents only serve for 4 years," he tweeted.