In the recently concluded Blockchain Partners Summit 2018, Chanpeng Zhao “CZ”, the CEO of Binance touched upon the company’s growth story, the Binance perspective and the regulation of cryptocurrency rules in countries.
Zhao spoke about the reasons why Binance grew, and touched upon the core competencies of the company. He was quite frank by stating that Binance got lucky for the quick market adoption but at the same time said that the exchange focused more on providing first-rate services to customers.
Binance strongly feels that the company’s value system played a key role in making Binance a trending cryptocurrency exchange. Zhao further stated that Binance’s competitors should copy the company’s working models and implement it because it “clearly works”.
During the course of the conference, Zhao said that the customer is king and that no matter how advanced an exchange is, it cannot grow unless it is centered around good ethical values. The CEO made it clear that Binance does not charge a high listing fee and that the rumors about astronomically high fees are false.
CZ then moved onto the discussion about ICOs emerging in countries such as South Korea. He stated that cryptocurrencies have a hundred percent penetration in the South Korean market because of the support of authorities. He even said that those politicians who do not support the adoption of cryptocurrencies “will not have a job the next day”.
Speaking about countries adopting cryptocurrencies, Zhao warned counties to not become strict with regulations. Strict rules and crackdowns will negatively affect the cryptosphere, thereby spewing more issues, said Zhao. He quoted the example of Malta and its regulations, adding that other countries should follow that model for successful cryptocurrency adoption. Binance also revealed that there were no plans to expand operations in South Korea.
South Korea is one of the biggest countries to have adopted cryptocurrency and blockchain technology, according to sources. Currently, the leading exchange platforms in the country are Bitthumb, Korbit, and Coinone. The country had legalized the use of Bitcoin during the middle of 2017 and almost 20% of all Bitcoin is traded in South Korea.
The country has seen some major cryptocurrency exchange hacks and to counter that the South Korean government has set up a panel to look into cryptocurrency exchanges and their dealings. The Bank of Korea had even released a report on using cryptocurrency as a means of payment.
Binance is the largest cryptocurrency exchange platforms in terms of trading volume. The Hong-Kong based exchange platform was founded in the year of 2017 by Changpeng Zhao and Yi He and has earned over $300 million in the first six months of this year
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