Binance’s CZ assures investors that funds are safe; says 2018 was a ‘correction year’


Changpeng Zhao aka CZ, the CEO of Binance, spoke with Bloomberg regarding the Blockchain Week Conference happening next week and Bitcoin hitting lower lows as the year comes to an end.

CZ spoke specifically about the slump that has been occurring in the market and referred to the year 2018 as the year of correction, a tough year in terms of prices. He said:

“We see a lot of projects not making it this year, so this is a correction year, but the technology will stay and we want to kick-off 2019 with a bang. So that’s why we are hosting the Blockchain Week Conference in Singapore together with the hackathon.”

He continued saying that the people in the crypto-industry were confident about the technology. CZ said that the price does matter in the industry to a few people, but the industry would grow due to the builders; people who would build applications for the actual adoption of cryptocurrency and blockchain in the long term.

Moreover, CZ said that there would always be speculation causing prices to move either upwards or the downwards. He stated:

“I think last year it fluctuated upwards too much and now we’re in the correction phase, we don’t know if it’s ended, I hope it’s ended, we’re never sure, but the long-term industry is sustained by real applications and real use-cases of cryptocurrency, which a lot of people are building regardless of the prices.”

Speaking about Binance’s goals, CZ said that their goals haven’t changed at all and that they’ve already launched one fiat exchange and that two or three were to be launched in the upcoming month. He also confirmed that they have plans to launch 10 more of such exchanges in the next year.

Addressing the growing need for exchanges to adopt government regulations to prevent money laundering and terrorist financing via the cryptocurrencies, CZ said that Binance had one of the most toughest KYC and AML initiatives in place. He also added that they are hosting the “Binance’s Funds are Safu” a two-day hackathon focussed on security and safety.

Just before the interview, CZ tweeted to his users:

“Have a live interview on Bloomberg in 15 minutes (12:30 HKT). Will last 6 minutes or so, should be interesting.”

A Twitter user rallyqt replied:

“Please say, “FUNDS ARE SAFU”.”

CZ replied to the user:

“Will try to sneak it in, but may be difficult.”

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