The CEO of Binance CZ openly discussed what is going in the cryptocurrency industry.
CZ discussed the current cryptocurrency market and how Binance’s long-term goal is to provide a decentralized solution for its customers.
Binance CEO is a big believer in the use of cryptocurrency and blockchain technology. These innovative technologies have been driving the market for a long time. CZ talked about his thoughts on making crypto friendlier for investors and more accessible to those who are not versed in these technologies.
CZ remarked on a few things. For example, he spoke on the future of DeFi.
We still require centralized systems to interact with the conventional financial business.
He also took issue with the fact that “hackers, Ponzi schemes, and fraudsters” are still linked with the Bitcoin sector.
Although the situation seems better than it appeared a few years ago, it is worth noting that investors have been tricked lately by investing in a cryptocurrency based on Squid Game, a famous Netflix show.
Then there was also the question of whether initiatives from the blockchain market emerged on Binance, the exchange operated by CZ.
Binance listed approximately 600 or 700 currencies [from the cryptocurrency market], out of a total of perhaps 6 million. As a result, just one coin out of every 10,000 gets listed on Binance. This equates to around 0.01 percent, and that is a minuscule amount.explained CZ.
While selecting currencies for exchange is a controversial matter, it is also worth delving into general administration. Centralized Exchange Platforms (CEX) remained popular in 2021. Is this likely to continue? This is linked to several issues. For example, Binance’s Turkish business was recently fined 8 million lira for failing to comply with money laundering legislation.
When it comes to the growth of the whole group, Binance now has more than 90 million users globally. The firm has operations in different regions across the globe and focuses on decentralization. A new Binance branch may probably be built in Europe, in Ireland, and France is also taken into consideration.