The CEO and Founder of Binance crypto exchange, Changpeng Zhao, has recently revealed that the problems of the exchange are a result of its fast growth. It has been reportedly shared that the leading exchange has been pummeled by a series of moves in recent weeks as it has been the subject of a crackdown by the FCA to stop debit and credit of payments to Binance.

Binance CEO Changpeng Zhao Comments on Growth of Crypto Exchange

Changpeng Zhao, or most commonly known as just CZ, has recently shared a blog post in which he said:

“Binance has grown very quickly and we haven’t always got everything exactly right, but we are learning and improving every day,” Chief Executive Officer Changpeng “CZ.” We hope to clarify and reiterate our commitment to partner with regulators, and that we are pro-actively hiring more talent, putting in place more systems and processes to protect our users.”

The largest exchange in the world by annual turnover has been facing a series of problems lately and witnessing this, a spokesperson of Barclays said:

“The decision has been taken following the FCA warning to consumers, to help keep our customers’ money safe.”

The FCA, which stands for the Financial Conduct Authority, Financial Services Authority of Japan, and the Securities and Exchange Commission of Thailand have been on the back of the crypto exchange Binance. 

Exchange’s Steps to Counter This Backlash

Moreover, it was reported that Binance also had to suspend the euro bank deposits temporarily from one of the key payments networks of Europe.

Mentioning the opportunity that lies ahead of the exchange, Zhao said:

“We know that we are at the tipping point, along with the broader industry.”

In addition to this, the CEO of Binance addressed the steps that the company took that involved the expansion of its international compliance team and building out compliance partnerships.