The top boss of Binance, the world’s largest cryptocurrency exchange, is willing to step down as the company seeks to become a regulated financial institution. Changpeng ‘CG’ Zhao said while there are no immediate plans for him to resign as CEO, in-house discussions have taken place on handing over the reins to a person with more regulatory experience.

"We’re going to be a fully regulated financial institution going forward," Zhao said during a virtual press conference on July 27.

"We are always hiring for CEOs. I don't need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm. I am proud to be a member of the Binance ecosystem. Let's keep growing it," Zhao tweeted.

"CEO contingency planning starts in day 0, same as any other role. I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years," he added.

When they mis-quote you... another thread on CEOs.There are no immediate plans to replace me as CEO.I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.More... https://t.co/a8p97nIb8T

— CZ