Is your crypto project serious? Binance CEO Says You Should Move

[ad_1]

Binance CEO Changpeng Zhao has suggested that crypto entrepreneurs may need to relocate to a country more friendly to cryptocurrencies and digital assets amid what appears to be a growing crackdown by US regulators. industry.

“If you’re serious about your project, moving to a new country might not be a bad thing,” he told a Twitter Spaces talk, citing Dubai, Bahrain and France. among the places where the regulations are more welcoming.

These comments follow the New York Department of Financial Services’ decision to block Binance’s partner Paxos from issuing the BUSD stablecoin. Last week, the Securities and Exchange Commission ordered the Kraken exchange to stop offering staking services.

The Binance CEO acknowledged the uncertainty and “grayness” swirling around the industry and suggested talking to regulators proactively.

“Most regulators at least pretend they welcome people to talk to them, but I’m not sure how much access they really give people, especially entrepreneurs, to new projects with no reputation,” a- he said, adding that big companies like Binance have access.

In the United States, he said, “you definitely want to get expert advice, basically lawyers who understand your product to make sure it doesn’t walk on red lines.”

[ad_2]