Changpeng Zhao, popularly known as CZ, the CEO of cryptocurrency exchange Binance, remains unfazed by the recent surge of regulatory scrutiny directed towards his company.
What Happened: During a Twitter Spaces event on Friday, CZ said he sees this as an opportunity for Binance to showcase its value and confront what he refers to as fear, uncertainty, and doubt (FUD).
CZ accused Binance’s critics of trying to draw comparisons between his company and FTX, the failed cryptocurrency exchange founded by Sam Bankman-Fried, who is currently facing legal troubles.
Will Elon Musk Integrate DOGE On X? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!
He said, “We are a much stronger company today than we were two years ago, I think,” further emphasizing that Binance is “way ahead of the game in terms of regulatory compliance.”
Zhao also expressed optimism about the future of decentralized finance (DeFi) and its potential to surpass centralized finance (CeFi) trading volumes. He said, “I think the more decentralized the industry becomes, the better,” and noted that DeFi currently represents around 5% to 10% of CeFi volumes.
CZ commented on the recent dismissal of the lawsuit against Uniswap, a decentralized protocol. He commended the decision, stating, “The Uniswap thing was extremely positive, extremely reasonable, logical, and clear. That is very good.”
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: However, the SEC is not the only regulatory body targeting Binance. On March 27, the Commodities and Futures Trading Commission (CFTC) also sued Binance for alleged violations of U.S. trading and derivatives regulations. Furthermore, Binance is facing legal scrutiny in Canada, Australia, and France for suspected regulatory infractions.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $25,932.55, up 0.20% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
