Binance founder and CEO Changpeng Zhao (CZ) recently spoke with Bankless about the company's compliance with global regulations and the evolving landscape of the crypto industry. CZ highlighted that due to Binance's size, regulators scrutinize the exchange more closely. He also praised the crypto regulations being implemented in the Middle East and Europe, asserting they hold great promise for the industry.
CZ further mentioned that Binance's business in the Middle East and North Africa (MENA) region is experiencing growth. During the interview, he also revealed that Binance once considered acquiring a bank but determined it would necessitate extensive compliance with local regulations, making the venture costly, risky, and potentially unprofitable.
Lastly, CZ touched upon the current state of the cryptocurrency market as it recovers from the 2022 bear market. The situation presents "mixed news," with no clear indicators of what factors will drive explosive growth in the future.