Binance CEO Changpeng Zhao answered the question of whether it is safe to hold money in the exchange. “I support people who control their private keys.” Zhao said that it entailed certain risks.
Changpeng Zhao attended the live broadcast during Binance Blockchain Week and answered questions from people. Announcing new products such as Binance Pay, Zhao; “Does Binance keep our money safe?” answered the question.
‘Safer than 99%’
Changpeng Zhao supports people who manage their wallet on their own. However, he thinks this is not practical for the masses. Saying that only people with the necessary technical knowledge can do this, Zhao said, “99% of the people who own their wallet do not do it as securely as Binance does.” said. It was stated that private key management is one of the things that makes it difficult to use crypto money.
It was announced that Binance wallets are protected by several different methods and the Threshold Signature Scheme (TSS) is used in the exchange. Thanks to this multi-sig-like system, private keys are not collected at a single point, but distributed to several different points.
It was announced that the daily movements of the users are followed by technologies such as big data and artificial intelligence. It was stated that some people were saved from fraudsters by this means. Despite this, Zhao said, “Nothing is 100% safe.” he warned users.
Does Binance comply with the law?
One of the questions the Binance CEO answered was whether the company complied with legal regulations. Saying that most countries still do not regulate cryptocurrencies comprehensively, Zhao said, “If a country has established cryptocurrency laws, we will try to comply with those laws. We want to comply 100% with the law. We don’t want any country to have problems. ” used the expressions.
Zhao said that when they enter a new market, they usually make an agreement with a local company and only enter that market after the necessary legal processes have been completed. Binance CEO stated that most of today’s legal uncertainties can be fixed over time.
Announced Binance Pay
During the live broadcast, a new product called Binance Pay was announced. This product has been developed to facilitate the use of crypto money in daily life. Thanks to this product, people will be able to make their purchases with crypto money. These transactions; will be transferred to business owners in the form of fiat money or stablecoins. According to Changpeng Zhao, this way, people will not have to exchange their cryptocurrencies and will be able to use them more often.
Stating that this is a product compatible with Binance Card, Zhao said; They announced that they have distributed tens of thousands of Binance Cards across Europe.