Binance CEO Changpeng Zhao suggested crypto entrepreneurs might need to move to a country more favorable to cryptocurrencies and digital assets amid what appears to be a growing crackdown by U.S. regulators on the industry.
"If you’re serious about your project, moving to a new country may not be a bad thing," he said in a Twitter Spaces talk, citing Dubai, Bahrain and France among those places with more welcoming regulation.
The comments come on the heels of the New York Department of Financial Services' move to stop Binance 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 claim they welcome people to talk to them, but I’m not sure how much access they really do give to people, especially entrepreneur, new projects without reputation," he said, adding that big firms like Binance do have access.
In the U.S., he said, "you definitely do want to get expert advice, basically lawyers who understand your product to ensure that it doesn’t step on any red lines."
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