Binance CEO Changpeng Zhao made a statement about his plans, referring to the banking problems that are increasing day by day.
The collapse of several US banks this year has raised concerns about crypto-friendly banks. The fact that Silvergate, Silicon Valley Bank and Signature Bank, which are the well-known faces of the crypto industry, fell into this situation, ignited a global danger. CZ said the firm is unlikely to acquire any banking institutions, despite growing concerns, including for Binance’s own operation in Australia. In addition, Binance Australia has announced that it is shutting down Australian dollar services after the exchange decided to end support. Also, Binance Australia has yet to find an alternative provider.
UPDATE – We have confirmed with our local payment partner that our users can continue to withdraw AUD via bank transfer until 17:00 June 1, 2023 AEST. Users can still continue to buy and sell crypto via debit and credit card.
We are working hard to find an alternative provider…
— Binance Australia (@Binance_AUS) May 22, 2023
CZ’s stance on the subject was clear
Banking problems, which have become increasingly complex lately, were directed to CZ, thus removing the question marks in mind. Participating in an episode of the Bankless Podcast on May 29, CZ took a humorous question from Twitter phenomenon DegenSpartan. DegenSpartan posed his question to CZ, “Can you please buy a bank and make it crypto-friendly?” said.
CZ went on to state his views on this chain of events, starting with the answer “We looked at this” to the question;
“The truth is much more complex than the concept. You buy a bank, it only works in one country, and you still have to deal with that country’s banking regulators. That doesn’t mean you can buy a bank and do whatever you want to do.”
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