Binance CEO revealed what the crypto needs to integrate with traditional finance. He said that if we really want cryptocurrency to integrate with traditional finance. Then the centralized systems are required to bring money into crypto from mainstream finance and also give an exit route.
Binance CEO Revealed How To Mix Crypto with Tradiitonal Finance:
Changpeng Zhao “ CZ” is the CEO of Binance the biggest crypto exchange in the world in terms of trading volume. He says that if we want to bring cryptocurrency to mix with traditional finance. Then centralized systems are required to bring money into the crypto industry from mainstream finance.
On Thursday, over Binance’s youtube channel, CZ replied to the users. One user tweeted that the centralized organizations are always ready to f***k you up. # Defi is the future.
In reply to this user’s tweet, the CZ said “if you think that, don’t touch any centralized system. Stay in the decentralized world, all power to you”.
Further on, he said that centralized systems are needed to help bring more money into crypto from mainstream finance, along with giving an existing route.
Another user tweeted, and wept over the lack of platforms that don’t require KYC?. Binance facing regulatory challenges around the world. There’s almost no place where we can exchange our crypto, user complaints.
CZ replied to him that “there are small platforms that don’t require KYC but I would highly recommend you do not use those platforms.”
These types of platforms are vulnerable and less compliant. He further added that he is talking about centralized exchanges. Responding to the users he says that when you use Definance or Defi protocols, they have no KYC, also at the same time they do not have customer support. He says that users must opt-in with those platforms that offer Know Your Customer (KYC).
Binance’s Users Complains:
Moreover, another user tweeted by pointing to CZ that Binance has no headquarters… care to explain.
On this Topic, The Binance CEO replied that the headquarter is just a concept, office is not a requirement to be productive. And I think especially given covid-19, it has proved that you could do productive work from home or from anywhere in the world. Especially when you presently have the latest communication technology.
Lastly, he said that people earned profits, and experience losses in crypto investments. And in case, if you lose the money in the crypto investments you are responsible for it.
He further suggested that if you are not a good trader then start trading with a small amount of money to learn about crypto investments. And when you learn and become an experienced trader then increase your investment amount in it. In the end, he said that we noted all the feedbacks, and we will work on them in 2022. Further Greeted Happy New Year to Binance Users.
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