Binance CEO Changpeng Zhao told the Bloomberg team that things are on track and he is pleased with the general progress of the exchange.
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange, gave a new interview to Bloomberg. During his interview, Zhao commented on the general course of the cryptocurrency market and Binance and evaluated the legal developments in the industry. Zhao said they were satisfied with the general progress.
The number of institutional investors is increasing
Although the price of Bitcoin (BTC) has dropped below $ 16,000 today, it has reached the peak of 2 years, reaching $ 16,300 this week. Binance CEO Changpeng Zhao said that during this period, they started to see much more activity on the investor side:
“Now I can definitely say that the number of new users in the stock market has started to increase, the mass acceptance is increasing and institutional investors are starting to move. In general, things are going smoothly. ”
There have been several positive developments in the cryptocurrency industry in the context of institutional investors recently. JPMorgan launched its own cryptocurrency, Grayscale started buying a record amount of cryptocurrencies, PayPal announced that it was expanding its cryptocurrency services across the US. All of these were interpreted as developments that could positively affect the Bitcoin price.
Commented on China’s role at the global level
During his interview, Zhao evaluated China’s role in the cryptocurrency world, which is known to develop its own digital currency. It is known that central banks such as the Fed, the European Central Bank and the Bank of England are also conducting research on their own digital currencies.
Binance CEO stated that none of these countries can catch up with China and that China is ahead of all these countries in terms of digital money. Zhao said, “The first central bank to issue its own digital currency can use that money in the international arena, catching a large volume on a global scale.” He commented. Therefore, Zhao explained that the digital money project to be developed by China could make renminbi a more dominant currency.
General comments on US and Asian markets
Binance, the world’s largest crypto currency exchange in terms of trading volume, operates in many regions of the world. Binance CEO Changpeng Zhao emphasized the importance of the Asian market, saying that 25 to 40 percent of the daily trade volume comes from Asia.
Zhao also spoke about Binance US, the company’s US leg. He reminded that Binance contributed technologically to the Binance US branch, but that Binance US is in fact an autonomous organization. Commenting on the strict regulations of the USA, Zhao said:
“Normally we don’t provide access to investors in the US, but investors there always find a way to enter (Binance). So we have to find new ways to block them. We are constantly trying to improve this filtering mechanism. Sometimes there are people who try to escape from this filtering and enter Binance, and we have to act smart to block them. “