• Tue. Jul 16th, 2024

Crypto is the ‘only stable thing’ amid financial turmoil, says Binance CEO

Changpeng Zhao discussed various cryptocurrency issues, including regulation and the ongoing bear market.

The cryptocurrency space has been in a bear market for the last 12 months, with prices of most coins down by more than 70% from their all-time highs. 

However, despite the ongoing bear market, Binance CEO, Changpeng Zhao, believes that cryptocurrency is probably the only stable thing in this very dynamic environment.

He said this while speaking at the Web Summit in Lisbon. He argued that despite the market crash, innovation in the space continues to increase. He said;

“if you look at the technology, if you look at the fundamentals of cryptocurrencies, limited supply, nothing has changed. It has been the most stable thing, technology-wise, in this turmoil situation.”

The Binance CEO also talked about the current state of crypto regulation. Binance recently secured licences in various countries, including Abu Dhabi, Kazakhstan, Cyprus, and New Zealand

He described regulators in various countries as smart, adding that;

“Actually, the U.S. regulators are pretty good. Crypto exchanges in the U.S. can deduct money from the user’s bank account automatically each month without user intervention. In other parts of the world, we don’t get that level of banking support just yet.”

However, he added that regulators in the United States restrict the products that crypto exchanges can offer to their clients. He lamented that only a few platforms have the licence to provide services such as derivatives.

CZ recently confirmed that Binance invested $500 million in Elon Musk’s Twitter acquisition. When asked why he invested in Elon Musk, CZ said it was done in the name of freedom of speech. He added that;

“We want to be extremely supportive of free speech. Binance’s goal is helping to increase the freedom of money. And free speech comes before freedom of money.”

Elon Musk completed his Twitter acquisition last week, with the company going private afterward.

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