Binance CEO details future company plans, exchanges’ security and responsibilities

In an interview with podcast Crypto 101 today, CEO and Founder of cryptocurrency exchange platform Binance, Chang Peng “CZ” Zhao, revealed the plans for the future of Binance and its focus in the present.

Binance is currently the world’s biggest cryptocurrency exchange. It achieved this growth in barely 8 months after its launch and is currently one of the most popular choices for exchanging cryptos.

CZ describes exchange platforms as the nexus between IT and finance. When asked about how Binance was so technically stable, CZ revealed that it started out as a technical business focused on providing high-speed business-to-business financial exchange services for 2 and a half years before moving to becoming an exchange platform.

He went on to say that since Binance is extremely profitable, their mission is to promote the freedom of wealth, investments and assets. He especially emphasized the importance placed towards protecting the investors in Binance. He wishes to move towards decentralized exchanges and to fulfill this through the blockchain technology incubator under Binance’s wing, Binance Labs.

He emphasized the importance of adopting an industry leaders’ perspective towards the industry as a whole. He then elaborated on how Binance attracts people to invest in fledgling ideas by investing in them and building a brand name. He stressed the importance of Binance Labs as the future of Binance, moving towards his ultimate goal of decentralization.

He spoke about how crypto wallets might be the entry point towards ensuring the security of investors. CZ did agree that exchanges provide liquidity and are not the ideal place for investors to hold their coins, but were the most accessible and secure option for newcomers to the field. He mentions that software wallets require technical knowledge to set up in a secure fashion.

He said:

“Increase in security in the retail wallet space will result in an increase in security in the commercial wallet space.”

He went on to say that it was the exchange’s responsibility to secure the funds and reimburse the investors if any damage was done. When asked about the Tokyo Coincheck incident he said:

“…that they covered the losses, I think that was a responsible thing to do.”

He also went on to critique their security and how they stored the funds in a hot wallet, and that they needed “multiple layers of security.”

When asked to give advice to newcomers in the space he said:

“Do your research…there’s a lot of misinformation. This is the future, the earlier you get into it the more financial stability there is.”

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