2023-7-15 23:20 |
Binance CEO Changpeng ‘CZ‘ Zhao predicted that decentralized finance (DeFi) would become more prominent than centralized finance (CeFi) within the next six years in a July 14 statement to celebrate the exchange’s sixth anniversary.
According to Zhao, DeFi activities will continue accelerating as more people use DeFi products and interact directly with blockchain networks. He added that DeFi would offer financial access to people who lack access to traditional financial institutions like banks.
Zhao further noted that the recent wave of institutional interest in crypto validates the industry and its technology. CZ said these firms would ease institutional adoption of crypto, adding that:
“As institutional investors own the majority of the equity market, with hundreds of trillions of dollars, even a single digit % conversion into crypto will easily multiply the size of the current crypto market.”
Binance ready to collaborate with regulatorsMeanwhile, Zhao revealed that Binance was ready to comply with regulators despite its recent regulatory struggles around the world.
Over the past month, Binance has faced increased regulatory scrutiny on multiple fronts. The exchange is under investigation in Australia and has been sued by U.S. financial regulators. It has also exited Canada and several European markets.
Zhao stated that regulation was a “cornerstone of a robust, safe, and secure crypto landscape.” He said:
“Globally, we have shown that compliance and innovation can exist hand in hand. We take pride in our licenses and registrations across 17 countries, a testament to our pro-regulation stance and the extensive efforts we have made in compliance and regulatory space.”
Zhao added that regulatory clarity and regulated exchanges would continue to grow, highlighting Ripple‘s recent victory as an indication of how much progress has been made in the industry.
CZ touts Binance’s minimal exposure to last year’s market downturnZhao highlighted Binance’s minimal exposure to the “catastrophic” events of the past year, noting how its initial $3 million investment in Terra 2018 turned into $1.6 billion at 2021’s market peak and crashed to zero following its collapse.
Zhao also stated that Binance had no exposure to bankrupt crypto firms, including Three Arrows Capital, FTX crypto exchange, crypto lenders Genesis, and Celsius.
The Binance CEO added that Binance.US’s attempt to save bankrupt Voyager failed despite a $10 million deposit payment that the exchange never got back.
Also today, The Wall Street Journal reported that Binance had laid off roughly 1,000 employees in recent weeks.
The post Binance CEO foresees DeFi outgrowing CeFi in 6 years, despite regulatory hurdles appeared first on CryptoSlate.
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