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Binance CEO Chang Peng Zhao told the South China Morning Post that the exchange of cryptocurrencies should become a centralized entity. Binance is the largest cryptocurrency exchange in the world.

The Binance CEO says the company needs to focus on working better with regulators as it strives to gain licenses around the world.

Binance operates as a decentralized, non-head office institution, and this year has received regulatory warnings around the world, including in Hong Kong, Japan, and the United Kingdom, and has faced numerous bans and restrictions. The company is also currently said to be under various US regulators’ investigation.

Binance restructuring efforts come as the cryptocurrency market is valued at more than $2 trillion this year. Zhao also told the SCMP that the introduction of digital currencies with the support of central banks could help increase the acceptance of cryptocurrencies. “Once people start using central bank digital currencies locally, then they’ll use bitcoin to pay their friends in other countries,” the CEO added.

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