Speaking to CCN in an exclusive interview, Binance CEO Changpeng Zhao explained the motive behind the company’s decision to expand into the U.S. and the team’s view of the regulatory landscape in the U.S.
Why binance is finally launching in the u.s.
As seen in the recent fallout between Bittrex and the regulators of New York, the U.S. remains a tough market for both crypto startups and large-scale exchanges to crack due to regulatory uncertainty.
Leading exchanges in the U.S. market in the likes of Coinbase, Kraken, and Gemini have been able to take a compliance-first approach in sustaining their operations despite the high operational costs required in doing so, which many small startups are typically not able to handle.
Binance launched about two years ago in 2017 and since then, the company has expanded to several markets including the U.K. and Uganda, and is expected to launch in Singapore in the near term.
Throughout the past two years, Binance CEO Changpeng Zhao emphasized that the company has been observing the “challenging regulatory landscape” in the U.S., avoiding the major crypto market with plans to expand with full regulatory compliance.
Zhao stated that the company is confident that it can provide services to local users in the U.S. in a compliant and secure manner, interacting with local regulators and partners.
There has also been confusion as to why Binance has not registered in the U.S. Well, Binance is a very early stage technology start up, and since launching our services less than 2 years ago, we have faced a smorgasbord of ever-changing regulations from around the world. We (Binance.com) have been working tirelessly to improve our regulatory knowledge and capabilities as…