Regulatory response is a top priority tactical task for Binance, says CZ
The CEO of Binance Changpeng Zhao has pointed out that regulatory response is crucial for the crypto exchange at the moment.
Changpeng Zhao, the CEO of the world’s leading exchange Binance, has told Fortune Magazine in a recent interview that regulatory response is a top priority tactical task for the company.
When asked the biggest challenge currently facing Binance, CZ was quick to cite regulatory issues. He stated that;
“In the short to medium term, regulatory is a big focus. We are in a critical stage. We are hiring a lot of senior regulators. This is a top priority tactical task. I am relatively confident we will get through this regulatory phase.”
In the long-term, CZ pointed out that he faces the same challenge as most companies, which is organising to stay successful in the face of accelerating change. The Binance CEO added that;
“The pace of disruption is so much faster than it has ever been. In terms of management philosophy, my philosophy is don’t do management. Let everyone excel. It’s important to align incentives. But we need more innovative and decentralized financial structures.”
In addition to questions about Binance, CZ also answered questions about the general cryptocurrency market. He was asked how long the cryptocurrency winter would last, and he responded that he had no idea. He stated that;
“That’s the trillion-dollar question. Nobody knows, and I don’t either. Historically, Bitcoin goes through four-year cycles—there was 2013, 2017, and now this one. The third time might be different. Nobody really knows.”
He added that he is optimistic about the long-term potential of the cryptocurrency market, thanks to the rising adoption rate. CZ added that;
“Four years from now, there will be another peak. There are more people coming to the industry and more use cases in the industry. We want to be ready for exponential growth, but we also want to be ready for the worst-case downturn.”
The total cryptocurrency market cap is around $2 trillion again, following the recent rallies by Bitcoin and the other major coins.