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Financial institutions continue to gravitate towards cryptocurrency — Binance
According to Changpeng Zhao, CEO of Binance Crypto Exchange, traditional financial institutions and investors have continued to flock to cryptocurrencies in recent years.
Zhao stated that the majority of these financial organisations are considering Bitcoin. He highlighted that a rising number of traditional monetary institutions have shifted their focus to the crypto area.
Why are financial institutions continuing to embrace cryptocurrency?
The Binance CEO spoke with South China Morning Post during an interview, offering his experience and thoughts on the crypto space's current trends. Zhao asserts that traditional financial institutions and investors have already recognised the benefits of cryptocurrencies, which is why these organisations and investors are flocking to them.
“The financial institutions are on their way in force. Additionally, we see traditional financial services from some of the industry's larger names entering the space.”
Zhao stated during his speech that Bitcoin is also a multiasset class technology, which he believes qualifies it as an investment tool.
Zhao predicted that digital assets would play a significant role in the future financial system.
Zhao discusses Binance's regulatory concerns
The Binance CEO discussed the exchange's regulatory issues during his interview, as watchdogs from the United Kingdom, Hong Kong, Japan, and Singapore have repeatedly warned the exchange.
He stated that the firm's structure would be altered in order to address the exchange's difficulties. More precisely, he stated, Binance would restructure itself as a licenced financial institution with a centralised headquarters.
“Four years ago, we desired decentralisation, but we currently operate a centralised exchange. We require a paradigm shift. We must improve. We're making these adjustments to make it easier for regulators to collaborate with us," he explained.
Zhao, who created Binance, previously stated that he is willing to stand aside as CEO in order to resolve the firm's ongoing regulatory concerns. The exchange has been filling key regulatory roles with regulatory specialists to assist it in resolving its regulatory difficulties.
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By Crypto PiratesAccording to Changpeng Zhao, CEO of Binance Crypto Exchange, traditional financial institutions and investors have continued to flock to cryptocurrencies in recent years.
Zhao stated that the majority of these financial organisations are considering Bitcoin. He highlighted that a rising number of traditional monetary institutions have shifted their focus to the crypto area.
Why are financial institutions continuing to embrace cryptocurrency?
The Binance CEO spoke with South China Morning Post during an interview, offering his experience and thoughts on the crypto space's current trends. Zhao asserts that traditional financial institutions and investors have already recognised the benefits of cryptocurrencies, which is why these organisations and investors are flocking to them.
“The financial institutions are on their way in force. Additionally, we see traditional financial services from some of the industry's larger names entering the space.”
Zhao stated during his speech that Bitcoin is also a multiasset class technology, which he believes qualifies it as an investment tool.
Zhao predicted that digital assets would play a significant role in the future financial system.
Zhao discusses Binance's regulatory concerns
The Binance CEO discussed the exchange's regulatory issues during his interview, as watchdogs from the United Kingdom, Hong Kong, Japan, and Singapore have repeatedly warned the exchange.
He stated that the firm's structure would be altered in order to address the exchange's difficulties. More precisely, he stated, Binance would restructure itself as a licenced financial institution with a centralised headquarters.
“Four years ago, we desired decentralisation, but we currently operate a centralised exchange. We require a paradigm shift. We must improve. We're making these adjustments to make it easier for regulators to collaborate with us," he explained.
Zhao, who created Binance, previously stated that he is willing to stand aside as CEO in order to resolve the firm's ongoing regulatory concerns. The exchange has been filling key regulatory roles with regulatory specialists to assist it in resolving its regulatory difficulties.
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