On the occasion of Binance’s sixth anniversary, Binance founder and CEO Changpeng Zhao (CZ) published a personal letter on the Binance blog, reviewing his thoughts over the past six years and looking forward to three major trends in the future.
First of all, CZ said that today’s Binance is already a platform that provides financial services to more than 140 million users around the world, and may usher in billions of new users in the future. Regarding Binance’s recent compliance status, CZ said, “Currently, Binance.US has obtained U.S. MTL licenses (Money Transmitter Licenses) in 43 states. Binance’s operations around the world have proven that compliance and innovation can go hand in hand. Binance It has obtained relevant licenses and registration permits in 17 countries around the world.”
In the face of the ever-changing regulatory environment, CZ reiterated that “the future will not be smooth sailing, but we will always put the interests of users first. We will continue to cooperate with regulatory authorities. In order to continue to protect users and fight for the rights of the industry, we will also defend what we think is right, even in court.”
Regarding the direction of the industry, CZ envisions three major trends in the future:
Traditional finance (TradFi) such as BlackRock, Citadel, and Fidelity have entered the crypto market in a big way, which also confirms the development prospects of this technology and industry. They will gradually promote the popularization of crypto assets in the institutional market.
The development of DeFi will continue to accelerate, and newer wallet technologies will make it easier for users to hold crypto assets on their own. This also provides a channel for people who cannot access traditional financial (or banking) services to enter the financial market. I firmly believe that in the next 6 years or so, the market size of DeFi will definitely exceed that of CeFi.
Regulation will become clearer and more regulated trading platforms will be available. Although there is still much uncertainty, many countries will provide clearer guidance for the crypto market at a faster pace. There is no doubt that those countries that can do this first will enjoy a huge advantage that will last for centuries. We are at a critical moment in history.
