Original source: Cryptoslate
Compiled by: Jordan, PANews
On May 29, Binance CEO Changpeng Zhao (CZ) accepted an interview with Bankless to express his views on the current state of the cryptocurrency industry and market.
Get rid of FUD
There has been a lot of controversy surrounding Binance in the crypto market recently, with Forbes, the Financial Times and Reuters all reporting on its suspected misuse of funds. For this reason, Changpeng Zhao specifically stated that he believes that mainstream Western news tends to be negative about cryptocurrencies. According to reports, Binance is prone to FUD (Fear, Uncertainty, Doubt) due to its large scale.
Changpeng Zhao explained: “If you write a negative article about a small exchange, no one will care, but if you put Binance’s name in the title, hopefully it will be negative and the click rate will be more.”
In addition, Changpeng Zhao also claimed that his "race" has become the target of Western media attacks. He said that although he was born in China, he is a Canadian citizen. Although Binance itself was founded in China, it no longer operates locally due to regulatory regulations. , Chinese employees have also been relocated.
Changpeng Zhao said that despite the existence of FUD, Binance's goal is to be "as transparent as possible" and also provides a reserve certificate report, but Changpeng Zhao admitted that transparency "is limited" and if Binance discloses all wallet addresses, it will expose suppliers and partners’ information, thereby compromising privacy and security and impacting competition.
Global regulations
In terms of regulatory regulations, Changpeng Zhao said that Binance has been actively participating in global supervision, but due to Binance’s large scale, regulatory agencies will largely “put it under the microscope.” On the regulatory front, while the crypto industry is increasingly cooperating with regulation (for example, crypto companies like Coinbase and Kraken are cooperating with regulators), it is becoming less and less competitive. Changpeng Zhao further stated that the encryption regulations currently being implemented in the Middle East and Europe are very promising. He also previously revealed that Binance’s business in the Middle East and North Africa (MENA) region is growing.
In addition, Binance once considered acquiring a bank, but found that extensive compliance with local regulations was required, and the bank's costs were high, the risks were high, and the profits were often not high.
Current state of the cryptocurrency market
Regarding the current state of the cryptocurrency industry, Changpeng Zhao made it clear that the market is recovering from the bear market in 2022, but investors have "mixed feelings" because no one knows what narrative will drive "explosive growth" in the future:
What will drive the next cycle? Now everyone is looking, but no one is sure, and that's probably why a lot of people are flocking to meme coins, but this situation shows that at least there is still money in the market, just waiting to be deployed.
Changpeng Zhao specifically stated that his view of positive market trends may be wrong, and that people who invest in a bull market should only invest what they feel they can afford to lose, and should not seek overly hyped investments. Finally, Changpeng Zhao revealed that he failed when investing in stocks and cryptocurrencies for the first time and "learned this lesson the hard way."
(The above content is excerpted and reprinted with the authorization of our partner PANews, original text link)
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
This article CZ’s latest interview: Being placed under the “regulatory microscope”, the market is recovering from the bear market first appeared on Blockchain.
