Changpeng Zhao, the CEO of the crypto exchange Binance, during a recent Twitter AMA, CZ expressed his belief that the success of the crypto industry shouldn’t be contingent on the failure of traditional banking systems. He also emphasised that the crypto industry and traditional banking can coexist and that it’s not a zero-sum game.
CZ also talked about the plans for Binance in French-speaking countries. He said that Binance is a global platform trying to expand into as many countries as possible, regardless of language.
Significantly, Binance has a big presence in France and has local teams in many African countries. CZ acknowledged that his French is not good, adding that language is not a barrier to crypto adoption.
Regarding identity verification, CZ stated that it is an essential part of Binance’s security and compliance systems, and they enforce global KYC processes. He acknowledged that there are instances where KYC can impact the user experience, and they are trying to improve it while being super compliant.
When asked about the challenges of complying with regulations in different parts of the world, CZ stated that banking support is usually the most significant challenge. If banks are willing to work with crypto, especially exchanges, they could facilitate the flow between traditional financial systems and crypto financial systems. He added that the regulatory framework should be done well in multiple countries and that Binance has a large policy team that comments on different regulatory frameworks, gives advice, and consults.
Finally, CZ talked about meme coins and token listings, stating that they have always been cautious about adding new tokens and take it very seriously. They evaluate the token’s viability, the development team, and the community before listing them. CZ further pointed out that they do not want to list meme coins or other tokens that do not have a clear purpose, as that can hurt the industry’s reputation.
In conclusion, CZ’s AMA touched on various topics and shed light on Binance’s plans and efforts to make crypto easier to use, comply with regulations, and maintain high-security standards.
