Binance CEO Changpeng Zhao believes the largest cryptocurrency exchange should "change from a technology company to a financial services company," he told CNBC in a televised interview. The efforts for this transition process already started four or five months ago, he told CNBC. This comes at a time when officials seek information on Binance as it lacks regulatory oversight, though Changpeng tells CNBC that the company, which initially started as a "decentralized organization," is setting up headquarters and offices. He says regulation for the crypto industry is good because the people that haven't yet adopted crypto are the one's that are likely to support crypto regulation with more structure. Previously, (Sep. 24) Lawrence Summers said crypto should embrace regulation.
