“Today, given our market presence, most regulators who are willing to talk to industry players typically talk to us first. And, the 5% of people who have crypto typically only have a small portion of their wealth in crypto.”ĬZ further noted that for the crypto industry to grow, we “need fiat on and off-ramps.” He also mentioned that we need to “build bridges between crypto and fiat.” For this, we “need to integrate with traditional financial systems, banks, payment services, etc.” and for that, “we need licenses.” But the fact is, that’s a very small island. They want to only live in the fully decentralized crypto utopian island. These crypto OGs hate anything that is slightly centralized. “I know some die-hard crypto OGs will hate what I am about to say next.
#CZ BINANCE CEO LICENSE#
Therefore, having a license allows us to attract the 95% at a faster pace.” But for the remaining 95% of people – the mass adopters – they would typically prefer using an onshore, licensed exchange, with a local office and/or presence. These early adopters are OK with depositing money with an offshore exchange they trust. This means we are still in the early adopter phase of crypto. “Today, I’d estimate crypto adoption to be about 5% globally.
He added that there are many reasons that at Binance, they want regulations. In most places in the world, being a regulated platform increases that trust for everyone.” Being trusted by users is the best and only way to grow. “When you are about to deposit your hard earned money with an exchange, the last thing you want is a crazy platform, right? What do you do? You research and find an exchange that other people (and yourself) can trust. He thinks that “nothing can be further from the truth.” He also noted that some might think that “You grow big by being crazy, wild west, or unregulated.” CZ believes that good regulations will be “good for crypto.” He also thinks that bad regulations will be “bad for crypto.”Īccording to CZ, having “good regulations that protect consumers while encouraging innovation is important for growth of the industry.”
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