Changpeng Zhao, CEO of leading cryptocurrency exchange Binance, recently told the South China Morning Post that financial institutions are “largely” coming in.
The largest crypto exchange is seeing an increasing number of institutional investors, according to Zhao. Binance CEO adds that traditional financial services firms and traditional venture capital investors are joining the cryptocurrency space:
“They don’t carry almost all of their money 100 percent … but they do.”
On top of that, Zhao predicts that crypto could have many previously unimaginable use cases. He believes the market for non-fungible tokens will be “huge,” claiming Binance’s NFT team is in talks with multiple creators.
While also addressing recent regulatory restrictions, CZ said Binance should have a headquarters to work with regulators:
“As we run a centralized exchange, we realized that we needed a centralized presence to work well with regulators.”
According to Zhao, Binance, as one of the leaders in this space, has to be prepared for regulatory change.
“As the biggest player in the industry, we need to prepare ourselves for this change. We are making changes to make it easier to work with regulators.”