Crypto News / Cryptocurrency · November 2, 2022

Binance CEO Believes Crypto Is Stable Amid Financial Turmoil

Changpeng ‘CZ’ Zhao, the CEO of Binance, believes that the only stable thing in the current dynamic environment is cryptocurrency.

This is despite the crypto market crash that has seen Bitcoin plunge 70% from its all-time high value of $69,000 that it reached last November.

Cryptocurrency’s stability

Zhao spoke in Lisbon at the Web Summit and argued that even though crypto prices were highly volatile, the fundamentals of crypto, the technology, and the limited supply were all the same.

He said that in this situation of utter turmoil, crypto has remained the most stable in terms of technology.

The chief executive of the world’s biggest crypto exchange also talked about crypto regulation and its current state.

His crypto exchange has been pushing to obtain licenses in different countries, including Abu Dhabi, Bahrain, Spain, and France.

CZ said that the regulators in these jurisdictions are smart and also praised the regulatory authorities in the US, referring to the banking support that crypto exchanges are provided in the country.

He said that crypto exchanges operating in the US are able to use the automated clearing house protocol that allows them to automatically deduct money from the user’s bank account every month.

They do not need to wait for the user’s intervention and this kind of banking support is not available in other parts of the world.

But, he did say that US regulators were more restrictive in terms of product offerings, such as derivatives, due to which licenses are granted to very few platforms.

Twitter investment

Zhao also talked about the recent investment that Binance had made in the Twitter acquisition of Elon Musk which has become the hottest topic these days.

The top executive of Binance said that their $500 million investment in the Twitter takeover was done in the name of freedom of speech.

He also added that Binance wants to promote the freedom of money and free speech comes before it. He also said that predicting Elon Musk was a tad hard.

The CEO also noted that he had learned of Musk’s plan of charging $8 monthly fee for verification on Twitter at the same time as the public.

He did assert that new features would be rolled out faster with Musk in charge, but not all of them would stick in the long run.

New measures

Zhao said that majority of the new measures were not likely to stick, but there would be some that would be good.

However, he refrained from commenting on the possibility that one of the functionalities to be introduced would be support for Dogecoin on the platform.

Nonetheless, it is understood that Musk is going to bring a host of changes, as he has criticized Twitter a lot, especially the existence of spam bots and fake accounts.

This is where Binance is expected to play a role, as the company is reportedly working on devising crypto and blockchain tech-based solutions for addressing these problems.