Binance CEO’s Unknown Aspects and Market Commentary!

The founders of billion-dollar companies are not like you or me. Building a corporate giant requires a combination of intelligence, tenacity, and ruthlessness that normal people lack, and it’s doubly so when the company in question becomes an industry leader. Which brings us to Binance founder and CEO Changpeng Zhao.

The thoughts of Binance’s CEO: Why is CZ like this?

Unlike Coinbase founder Brian Armstrong, obsessed with Hollywood status and flashy projects, Changpeng Zhao has a charming charm and humble influence that hides a brutal and sometimes lawless approach to business. Zhao’s widely shared life story is intriguing. She came to Canada from China at the age of 12 and worked at McDonald’s and Chevron while her father was doing her doctorate and her mother was working in sewing. Zhao excelled at his new company, participated in math competitions and became the captain of the volleyball team, then went on to college and found a way in finance.

It’s a good story, but it offers little clue as to how Zhao became a world-traveling baron standing at the top of the crypto industry today. After all, most of us have worked hard in high school and have had some sort of success in the professional world. When we peel back the layers of Zhao’s story, two major factors emerge that shaped the person he is today.

Factors shaping Binance CEO

The first of these is geography. In many ways, Zhao was in the right place at the right time; He came to Canada at a time when the country was a springboard for talented young people born in Asia. After returning to China in his mid-twenties, he took advantage of his familiarity with both Asian and North American cultures to quickly rise to Shanghai’s go-go tech scene in the first half of the century. It didn’t hurt that he had outstanding math and coding skills inherited from his father.

The other big factor shaping Zhao is the same father. Although senior Zhao was a brilliant academic, he remained on the periphery of the university world due to the pressures he faced during the Cultural Revolution and later his poor English skills. Zhao told me that his father’s experience (along with his reading of the bestselling personal finance book Rich Dad Poor Dad) taught him to look for a different path. If you want to add a psychological layer to the story, Zhao conveyed his sense of pain as he told us that his disinterested father did not attend a single volleyball match. It’s not hard to imagine how such an experience could shape a future CEO.

While Zhao’s life and career is a good story, it shouldn’t affect our views on Binance and its controversial business practices. After all, the latest big story in crypto (about a Stanford-born child prodigy who believes in effective altruism) has us all fooled badly. That said, the story of the forces behind Binance’s phenomenal rise is worth reading.

What should the regulations be for the cryptocurrency industry?

Binance CEO Changpeng Zhao (CZ) expressed his views at a chat meeting held during the Hong Kong Web3 Festival. CZ states that it is important for crypto regulators to have a deep understanding of the industry to facilitate proper crypto regulations.

According to CZ, there is a very natural tendency to borrow traditional financial sector regulations to apply to crypto. “Crypto is different from banks and traditional finance industries,” says CZ, noting that knowing the answers to simple questions like how to classify different assets is important in deciding regulations for the industry, as there are many types of crypto assets. Some assets may look like securities, others may look like commodity or utility tokens, and some may even have a combination of these characteristics.

When asked for his advice on a good regulatory framework, CZ notes that unclear regulations are the “worst” and that regulatory clarity is better. He says it’s best to allow the industry to develop fully before enforcing regulations. The particular reason for this is that it is difficult to predict exactly what will be popular in the industry.

Binance CEO: Crypto players must be patient!

Regarding their approach to crypto industry players and crypto regulators, CZ recommends that they should be dealt with very actively. He explains that while many of the crypto regulators around the world are very understanding, there are still some who are very skeptical. But skepticism shouldn’t keep crypto industry players from meeting with regulators.

Responding to what might trigger the mass adoption of crypto, CZ says that the fact that many governments are trying to come in for crypto may actually be the trigger to grow crypto. He notes that the government’s efforts to close banks, access fiat money, and impose greater restrictions on traditional financial markets are actually pushing more people towards crypto.

Finally, CZ emphasizes that crypto industry players should be patient. He says it’s important to understand that the first draft of regulations is always likely to be overly restrictive, so there’s usually a balance to be found in just a matter of time. Hong Kong has recently shown its support for Web3, taking important steps to develop the Web3 industry.

Binance CEO’s thoughts and opinions on CeFi

When asked about the security incidents that have occurred in the CeFi space in recent years and his thoughts on measures to mitigate such incidents in the future, CZ says that Binance has taken many measures to protect users’ crypto assets, such as improving infrastructure, proof of reserve, and using new technology.

Research has revealed that most of the people are not even able to properly secure their keys, causing them to lose their crypto holdings. CeFi and DeFi both claim to have some minor issues like security issues with DeFi wallets. In addition, CZ answered questions about building trust in CeFi companies as well as managing shareholder trust. According to Binance CEO, the insecure technology in most blockchains builds some confidence in users regarding safety and security.

CZ claims that Binance has strong user trust as it is used by many in the crypto community. According to him, self-regulation is important and even countries, banks and companies have some risks. Crypto exchanges can have an important role in providing user experience to increase engagement on Web3. While some difficulties such as user experience and KYC exist in Web3 compared to Web2, people prefer to use CeFi because of simple features like password. Binance puts web3 security first and is constantly working to improve the user experience. The exchange also uses local government and vendor solutions to increase trust.

Can CeFi and DeFi coexist?

Binance CEO argues that CeFi is not against DeFi. While DeFi and CeFi have some differences, some decentralization can coexist in decentralized platforms. Binance fills the gaps with products and services, acting as a bridge between CeFi and DeFi. “There is no competition, people may have different views on CeFi and DeFi,” CZ says.

He says it is difficult to predict the trigger that will lead to mass adoption in the next wave of crypto and blockchain. The trigger for mass adoption changes over time, with ICOs in 2017 and NFTs in 2021 being examples. CZ also emphasizes the need for regulatory clarity, saying that “sanctions to control crypto are bad.” Regulators need to understand that crypto is different from banks, there are different types of crypto assets. It’s crucial for regulators to have a deep understanding, but most of them don’t have crypto experience.

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