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Binance Turns to Sovereign Wealth Funds to Ease Persecution by Regulators - Cryptoactives

Binance Turns to Sovereign Wealth Funds to Ease Persecution by Regulators – Cryptoactives

The world’s largest cryptocurrency exchange wants to “overturn” the regulatory crackdown on many countries, inviting several sovereign wealth funds to participate in the platform’s capital.

In an interview with the Financial Times, the CEO of the exchange, Chengpeng Zhao (known in the international press as “CZ”), explained that the formation of these funds “will help the company build relationships with the governments of different countries.”

Asked about the size of the participation and the countries with which negotiations are being opened, Chengpeng Zhao did not want to give names or numbers, but stressed “it will be a great common financial envelope.”

However, the CEO of the world’s largest platform pleaded with a warning: “It will not be a quick process, not least because these negotiations could connect us to certain countries in ways that we don’t want.”

“Regardless of everything, we must strive to maintain healthy relations with the governments of the countries in which we operate and compensate the most aggressive regulators,” Zhao told the British Daily.

Zhao’s comments come at a time when several countries, such as the United Kingdom, Thailand and Singapore, have announced a complete severance of ties with Binance, ordering a ban on the activity, for failing to comply with compliance rules.

Five days ago, the exchange’s CEO gave an interview, during which he defended the need for cryptocurrency platforms to commit to protecting users and implementing processes to prevent financial crime.

“This year, most regulators around the world are looking at crypto closely,” Zhao said, and we believe “this is a good time” to launch a call for a global framework.

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“We feel it is important for industry participants to have a place at the table,” the executive said.

This news comes at a time when the international press is referring to Ireland, as the new financial headquarters of Binance. The platform has a duty station in Singapore, but is looking for a new headquarters.