- Binance was the target of a mainstream media campaign against it last year
- Various regulators were advising citizens not to use the exchange
- Binance promised it would obtain licenses, and indeed it has
Back in July 2021 when mainstream media outlets, and some crypto outlets, had their knives out for Binance, founder and CEO Changpeng Zhao announced that the exchange would set about becoming a fully regulated financial institution. Zhao added that the business would have head offices in several countries in an effort to go legit. Many of his doubters didn’t believe that Zhao could achieve this given the strict nature of financial regulations in general, but also the differing demands of each country. However, with numerous countries now under its belt, Zhao is proving that Binance is willing and able to meet these demands and do what its doubters didn’t think it could.
Binance Was Hit by Mainstream Media Attacks in 2021
After four years of sometimes shady operations, Binance endured its reputational nadir last year when financial regulators in numerous countries advised citizens to steer clear of the exchange. In response, Zhao informed the press that Binance would “pivot to be a fully regulated financial institution”, with Zhao offering to step aside if someone with more experience of working within a regulatory environment was able to better achieve this.
However, Zhao and Binance have gone steadily about proving the doubters wrong, earning a Canadian license at the end of 2021 and going on to be approved for operating in Bahrain, Dubai, Abu Dhabi, France, and most recently Italy. The flurry of regulatory approvals would appear to be just the start of Binance’s efforts to become a more legitimate entity, although it faces a tougher task of regulated operations in the UK and the U.S.
Zhao Spearheading Change
Considering that 10 months ago Binance was getting sued by regulators and having its country-specific platforms banned from opening, it presents a huge shift in its fortunes and suggests that it might not be too long until its doubters have much less ammunition to use against it.
Considering Zhao has remained in his role, and never really looked like leaving, we can safely assume he believes he is still the right person to oversee Binance’s plans for world domination.
