Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, is among the platforms most used by users. In addition to Binance, the CEO’s statements are also noteworthy. As it is known, Changpeng Zhao, the CEO of Binance, is one of the most influential people in the cryptocurrency space. In his latest statements, Zhao revealed his latest predictions for the market. Here are the details…
New statements from Binance CEO
Binance CEO Changpeng “CZ” Zhao believes this move could potentially have a negative impact on such traditional financial players as traditional institutions proactively reduce exposure to cryptocurrencies in response to the ecosystem crash in 2022. As cryptokoin.com reported, the collapse of major crypto companies such as FTX and Terra LUNA has eroded trust among investors and forced the traditional market to reassess their strategy for stepping into the crypto ecosystem.
https://twitter.com/cz_binance/status/1619027951902924803
While the reluctance of traditional players may deter crypto adoption in the short term, CZ argues that the decision could backfire over the next two decades. According to CZ, over the next 10-20 years, traditional financial players choosing to slow down crypto adoption will lag far behind the adoption curve, he states. The CEO uses the following expressions:
[The lack of crypto adoption] could have existential implications for [traditional financial players] in 10-20 years.
CZ believes the regulatory effort will increase: “Good thing!”
CZ, along with other crypto entrepreneurs, believes that the actions of actors like Sam Bankman-Fried set the industry back several years. “Regulators are rightly going to scrutinize this industry much, much harder, which is probably a good thing, to be honest,” CZ said. CZ’s long-term bet on the fate of crypto opponents has been supported by investors who are slowly starting to recover from the traumas of 2022.
The overall positive sentiment is supported by a slow but consistent bull run that has brought Bitcoin prices back from the $15,000 range. At the time of writing, BTC is trying to surpass $23.00 and is trading at $22,975. On the other hand, many altcoins are also moving in line with Bitcoin’s price action. As a result, the total market cap of the cryptocurrency market in the last 24 hours rose 0.6 percent to $1.09 trillion.
On the other hand, amid growing accusations of “insider trading”, Binance has revealed its “zero tolerance” policy. “Every employee is subject to a 90-day block for all investments they make, and Binance’s leaders are tasked with reporting any trading activity quarterly,” a spokesperson for the exchange said. In 2018, Binance’s policy to prevent insider trading included a 30-day period, now extended to 90 days.
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