Recently, in an interview on Unchained, Changpeng Zhao, the Founder, and CEO of Binance spoke about his early days in the cryptocurrency industry and the current regulatory state of the market.
On being asked how he first learned about Bitcoin, the founder stated that he first heard of Bitcoin in 2013, around “Septemberish.” He went on to say that Bobby Lee, the then Founder, and CEO of BTC China, also a friend of CZ, introduced him to Bitcoin.
Changpeng Zhao said:
“So, when I discovered Bitcoin, I just knew that was the future. So Ijust said.. I just gotta be doing something in this space and I left my previous job without having, knowing what to do next.”
Moving ahead, they also spoke about the inception of Binance and the founder’s experience creating the company from the scratch. The discussion also touched upon the subject of regulation in the current scenario. Zhao stated that his “philosophy” on regulation was quite different from other retail investors. Speaking in specific about the U.S, he stated that the people in the U.S were very focused on regulation only there.
Zhao was candid in stating that Binance was not really focused on regulations, in the U.S. He said:
“We are focused on everything else other than the U.S. So in the U.S, there is Coinbase, and Gemini and a bunch of other exchanges dealing with regulation over there. “
Furthermore, the founder stated that the rest of the world was a “bigger market” for them. Zhao pointed out the fact that regulation differs from country to country. In his opinion, there were several that were not clear about how to regulate the crypto space yet and that most of the regulators were still trying to learn and adapt and were adjusting to create regulations.
CZ said that Binance was working closely with a large number of countries like those, to help create regulation. He also mentioned that most of the countries that they were working with were small in terms of population. However, according to him, smaller countries were easier to work with in terms of regulation.
In Zhao’s opinion, these countries have realized that having the most favorable regulation will ensure a long-term success in terms of economic development. He said that Binance was not looking at evaluating which was the market that had the most money. He said:
“We are more into let’s look at this long-term, let’s look at this 10, 20, 5o years from now where we are going to be. So that is kind of our view.”
He went on to state that bigger countries like the U.S and China were harder to navigate from a regulatory point of view. CZ added that those countries had various regulatory authorities like the departments, state, federal, which constituted a very complex system.
According to CZ, the company’s move here is to let other exchanges figure out the regulatory picture. He said:
“So for example, in the US, let Coinbase and Gemini figure it out. First, they are very strong, they have got a cultural background, they have got the connections, ..they are fully vetted over there. So let them figure it out first.”
He concluded by stating that they will not be the first ones taking the initiative in those jurisdictions, whereas, they were actively leading in jurisdictions like Malta, Bermuda, Uganda and other parts of Africa and some parts of Asia.
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