Binance CEO Changpneg Zhao spoke at the OMR Festival in Germany, which was attended by many leading names in the digital finance market. He emphasized that despite the massive UST and LANA devastation, the Bitcoin price has lost only 20%.
Bitcoin only fell 20% despite $50 billion being wiped
Speaking at the OMR Festival in Germany, Binance CEO talked about the exchanges’ efforts to enter new territories. He also shared that he is actively communicating with German regulators and recruitment is ongoing in the region. Referring to the UST and LUNA collapse, Binance CEO emphasizes that Bitcoin is durable despite the $ 50 billion loss:
It should be noted that Bitcoin lost only 20% in an event where $50 billion was lost.
Speaking at the OMR22 Conference in Hamburg, Binance CEO Changpeng Zhao emphasizes that the events damaged the stock market, but Bitcoin dropped by only 20% in an event where $ 50 billion evaporated. He made the following statements in his hunger:
In the short term, it was a shock wave that occurred. The natural course of events had a negative impact on the industry. $50 billion is almost gone. However, keep in mind that Bitcoin is down 20%. It even started to rise. People need to understand how dangerous new ventures are.
CZ says Binance will continue to expand
CZ also says it’s working in Germany to get the appropriate permits. He used the following statements to express that they want to show their presence as a regulated stock market in new countries and that they will not compromise on this stance:
Regulators are in contact with our staff here. Negotiations will undoubtedly continue to secure appropriate permits. Germany has the largest economy in Europe. We are not worried about other EU countries just because we got permission in France. We also want to expand our team with people with regulatory expertise. As
Kriptokoin.com, Binance had serious problems with the laws in countries such as England, Italy, Germany and the Netherlands in the summer of 2021 and chose a suitable route. “80 percent of my day is spent thinking about the rules,” Changpneg Zhao (CZ) said at the time, adding that they will do their best to comply with the laws in each jurisdiction.
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