Binance CEO CZ Responds to Anti-Cryptocurrency Text Published by the White House!

Binance CEO Changpeng Zhao said a few hours ago that the White House administration cryptocurrencies made a post that seems to be against the declaration that criticizes them and wants them to be regulated immediately.

In the statement published by the USA, there were references to the collapse of the Terra ecosystem in May and the collapse of the cryptocurrency exchange FTX in November.

In addition, the statement drew the reaction of crypto supporters, mostly because of the statements that crypto platforms often mislead people. The most controversial part of the statement was:

“…Additionally, cryptocurrency platforms and their supporters often mislead consumers, have conflicts of interest, fail to make adequate disclosures, or are outright fraudulent.”

Binance CEO CZ Implied That Companies That Don’t Adopt Cryptocurrencies Could Exist In The Long Run

It seems that Changpeng Zhao, the CEO of Binance, felt the need to respond to these accusations. Zhao said in his statement:

“The impact of several crypto projects that failed in the past year?

In the short term, they hindered the growth of the crypto industry. But we are already seeing recovery.

In the long run, they have actually prevented traditional financial industry representatives from adopting the technology and will likely cause them to fall further behind on the adoption curve, which could have vital ramifications for them in 10-20 years.”

Impact of the few failed crypto projects last year?

Short term, they hampered crypto industry growth. But we are seeing recovery already.

Long term though… 1/2

— CZ 🔶 Binance (@cz_binance) January 27, 2023

With this response, CZ said that collapsed crypto projects may be preventing companies in the traditional industry from adopting crypto technology, so these companies may be in danger of extinction in the future.

*Not investment advice.