Binance cuts daily withdrawal limit for new users from 2 BTC to 0.06 BTC

The cryptocurrency exchange Binance has reduced the daily withdrawal limit for new users who have completed basic account verification from 2 BTC to 0.06 BTC.

Effective immediately for new account registrations, users that have completed only Basic Account Verification will have a daily withdrawal limit of 0.06 BTC. 2/5

— Binance (@binance) July 27, 2021

For existing users, changes will be implemented in stages—from August 8 to August 23.

Identity verification will increase the daily withdrawal limit to 100 BTC.

In addition, Binance CEO Changpeng Zhao wrote that the company is looking for a candidate for the position of chief executive officer.

When they mis-quote you… another thread on CEOs.

There are no immediate plans to replace me as CEO.

I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.

More… https://t.co/a8p97nIb8T

— CZ 🔶 Binance (@cz_binance) July 27, 2021

There are no immediate plans to replace me as CEO in the near term. I/we would very much like to hire a CEO with extensive compliance experience. This is necessary to demonstrate our commitment to regulatory compliance, as this is the organisation\’s top priority.

He expressed the view that a CEO should not stay with the company for more than 10 years — five years, in his view, is the optimal period.

CEO contingency planning starts in day 0, same as any other role.

I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years.

— CZ 🔶 Binance (@cz_binance) July 27, 2021

Zhao emphasised that ‘he does not need to be CEO’, and that he is not leaving Binance.

We are always hiring for CEOs.

I don’t need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm.

I am proud to be a member of the #binance ecosystem. Let’s keep growing it.

— CZ 🔶 Binance (@cz_binance) July 27, 2021

There are no immediate plans to replace me in the CEO role. I will never stop contributing to the community behind the logo on my forearm, and I’m committed to Binance.

In May, during a ForkLog interview, Changpeng Zhao expressed the view that a CEO who runs the company for ten years should yield to another person. Otherwise, the organisation’s momentum slows.

Then he said he was considering a transition and handing over the CEO role, and that he intends to focus in the future on developing the Binance Smart Chain ecosystem.

Binance reduced the maximum leverage on the futures platform to 20x. Not long before that, the company announced the discontinuation of support for tokenised shares.

Earlier, Changpeng Zhao did not rule out intensifying regulatory pressure. He also spoke of efforts in the transition from startup phase to a financial service.

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