Interview with CZ: Regulatory "under the microscope", the market is recovering in the bear market
Original author:Mike Dalton，Cryptoslate
Original compilation: PANews
Original compilation: PANews
On May 29, Binance CEO Changpeng Zhao accepted an interview with Bankless to express his views on the current state of the encryption industry and market.
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Get rid of the FUD
Recently, there have been many controversies surrounding Binance in the crypto market, including Forbes, the Financial Times and Reuters all reporting on its alleged misuse of funds and other issues. For this reason, Changpeng Zhao made a special explanation. He believes that mainstream Western news tends to be negative about cryptocurrencies. According to reports, Binance is prone to FUD (Fear, Uncertainty, Doubt) due to its large scale.
In addition, Changpeng Zhao also claimed that his "race" has become the target of Western media attacks. He said that although he was born in China, he is a Canadian citizen. Although Binance itself was founded in China, due to regulatory regulations, it no longer operates locally. has also been relocated.
Zhao Changpeng said that despite the existence of FUD, Binance’s goal is to be “as transparent as possible”, and also provided a reserve certificate report, but Zhao Changpeng admitted that transparency “has a limit”, and if Binance discloses all wallet addresses, it will expose suppliers. and partner information, thereby compromising privacy and security and affecting competition.
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In terms of regulatory regulations, Changpeng Zhao said that Binance has been actively participating in global regulation, but due to the large size of Binance, regulators will largely "put it under the microscope." In terms of regulation, although the crypto industry is increasingly cooperating with regulators (for example, crypto companies like Coinbase and Kraken are cooperating with regulators), the competitiveness has become weaker and weaker. Changpeng Zhao further stated that the encryption regulations currently being implemented in the Middle East and Europe are very promising. He also previously revealed that Binance’s business in the Middle East and North Africa (MENA) region is growing.
Additionally, Binance considered acquiring a bank at one point, but found that extensive compliance with local regulations would be required, and banks would be costly, risky, and often unprofitable.
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State of the Crypto Market
Regarding the current state of the cryptocurrency industry, Changpeng Zhao made it clear that the market is recovering from the bear market in 2022, but investors have "mixed feelings" because no one knows what will drive future "explosive growth":
