The cryptocurrency space is worth over $2 trillion at the moment, and it is expected to get even bigger.
Changpeng Zhao, the CEO of cryptocurrency exchange Binance, believes that centralised systems need to integrate with traditional finance to enable the crypto space to grow bigger. He made this statement while responding to users’ queries for a video on Binance’s YouTube channel a few days ago.
A user claimed that the centralised organisations are there to mess things up, adding that decentralised finance (DeFi) is the future. However, CZ doesn’t agree with that statement as he believes there is a way for the two to coexist. He said;
“If you think that, don’t touch any centralized systems. Stay in the decentralised world, all the power to you. Centralised systems are needed to help bring money into crypto from mainstream finance while also providing an exit route.”
Another user bemoaned the lack of trading platforms where people can purchase cryptocurrencies without undergoing know-your-customer (KYC) verification. CZ replied that there are but doesn’t recommend using them. He said;
“There are smaller platforms that don’t require KYC, but I would highly recommend you do not use those platforms.”
Binance remains the world’s largest cryptocurrency exchange in terms of trading volume despite the numerous regulatory challenges it faced in 2021. The exchange was forced to change how it operates in various countries and also seek licences before operating in certain jurisdictions.
As a result, Binance went on a hiring spree in a bid to boost its regulatory ratings. The exchange hired ex-regulatory executives to help it navigate the regulatory hurdles in the United Kingdom and numerous other countries.
Binance also had to discontinue some services in Hong Kong, the UK, Europe and a few other countries. Binance’s daily trading volume is above $13 billion, which is way higher than Coinbase’s $2.6 billion in second place.