During a Twitter Ask-Me-Anything (AMA) session on Wednesday, Binance CEO Changpeng Zhao, better known as CZ, provided his insights and addressed concerns regarding Binance and other cryptocurrency-related topics. These included adopting a lightning network, a new bitcoin mining strategy, regulatory challenges in the United States and India, emerging meme coins, and growing acceptance and favorable regulations in Hong Kong and the United Arab Emirates.
Binance shared the AMA session link in a twitter thread where CZ discussed about the main crypto affairs:
We're live on Twitter Spaces with @cz_binance!
— Binance (@binance) May 31, 2023
Have a question for him?
Tune in and raise your hand to ask ⬇️https://t.co/zNnAgdrP9L
Regarding the integration of Lightning Network on crypto exchanges, Binance CEO believes that eventually, every exchange would have to support Lightning Network. Furthermore, he shedded the light on the importance of Binance Pay and other wallet services that they cannot be overstated.
Binance proposed to CZ to enter the Bitcoin and cryptocurrency mining industry, but CZ declined the offer, reasoning thatBinance lacks experience in mining and faces obstacles such as securing affordable electricity rates. During the discussion, it was mentioned that Binance only operates a mining pool, not a mining farm. A mining pool is a vital hub connecting miners to the server and pool operators in cryptocurrency mining.
The speaker expressed criticism of the regulatory challenges and inconveniences faced by investors in the United States and India. He also highlighted the restrictions banks impose on crypto transactions, citing the lack of clear rules and guidance related to cryptocurrencies as the root cause of the issue. As the United States endeavors to establish regulations for cryptocurrency, India appears to be falling behind in this regard. It is now seeking a universal framework to govern the use of digital currency.
The CEO of Binance has expressed his belief that individuals should refrain from investing in meme coins and avoid following YouTubers who solicit funds or promote investments in any form of cryptocurrency. It has been revealed that the individual in question holds no inclination towards meme coins, NFTs, metaverse, and other such associated ventures. Binance emphasized its commitment to conducting thorough due diligence before listing coins on its platform.
