Crypto Needs Centralized Systems to Integrate With Traditional Finance, Binance CEO Says
The crypto industry needs centralized systems in order to integrate with the traditional finance industry, according to Changpeng â€œCZâ€ Zhao, CEO of Binance.
The founder and CEO of the worldâ€™s largest crypto exchange by trading volume was responding to usersâ€™ queries for a video on Binanceâ€™s YouTube channel on Thursday. One user had stated: â€œThe centralized organizations are always ready to f**k you up. #DeFi is the future.â€
â€œIf you think that, donâ€™t touch any centralized systems,â€ CZ said. â€œStay in the decentralized world, all the power to you.â€
Centralized systems are needed to help bring money into crypto from mainstream finance while also providing an exit route, he said.
Another user bemoaned the lack of platforms to trade crypto that do not require know your customer (KYC) authentication, following Binanceâ€™s own regulatory challenges in this area in recent months.
â€œThere are smaller platforms that donâ€™t require KYC but I would highly recommend you do not use those platforms,â€ CZ responded.
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