In the U.K., the Financial Conduct Authority banned Binance’s British unit from undertaking any regulated activity. Binance was one of many crypto firms that withdrew their applications to the U.K.’s temporary licensing regime due to failing to meet anti-money laundering requirements, the FCA said.

Regulators in Japan, Canada and Italy have also clamped down on the firm, warning it is not authorized to operate in the countries.

Binance aims to set up a number of regional headquarters around the world and will seek licenses wherever they are available, Zhao said. He has previously said Binance has no official headquarters.

Zhao insisted there were no immediate plans for his succession, adding Binance was “keeping our options open.”

“I’ll be honored to continue to run Binance as a regulated financial institution until we find somebody who may do a better job,” he said.

In May, Bloomberg reported that Binance was facing a federal investigation by the U.S. Department of Justice and Internal Revenue Service.

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Binance said it couldn’t comment specifically on any ongoing discussions with regulators, whether in the U.S. or elsewhere.

On Monday, the company said it was reducing the maximum leverage — or borrowed funds — users can use to trade futures contracts, amid concerns such high-risk bets were leaving clients with hefty losses.

Earlier this month, Binance said it would no longer offer “stock tokens,” digital digital versions of shares like Tesla, Apple and Coinbase, to shift its commercial focus to other products. German regulators had warned the instruments may have violated securities laws.

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