Speaking at a podcast named Making Markets today, July 13, Binance CEO Richard Teng shared vital insights on crypto developments post-CZ (Changpeng Zhao) era. The former Abu Dhabi regulator talked about crypto adoption and regulation, global adoption trends, and many other things.
Here’s a brief report on the podcast that appears to have promptly gained significant traction across the industry.
Binance CEO On ‘Making Markets’
Speaking with Eric Golden, the host of Making Markets, Teng shared insights on Binance’s journey from a startup to an industry behemoth. Further, Teng highlighted how 2024 came as a landmark year for the crypto industry. This statement is primarily attributable to the approval of spot Bitcoin ETFs and many more digital asset-based ETFs in the pipeline despite regulatory scrutiny. Aligning with this, the former Abu Dhabi regulator appears to be highly bullish on the crypto industry’s future and its global consideration as a prominent asset class.
Meanwhile, the CEO also talked about how Binance recently encountered regulatory challenges in the U.S. in its money laundering saga. ChangPeng Zhao, the former face of the crypto exchange, took regulatory heat that caused his downfall. However, Teng stressed that as an exchange, it only grew and learned from the past.
Further, gauging in on its colossal user base, the CEO proclaimed that the global trust “does not come overnight,” but instead is a result of constant actions taken by the firm to streamline user experience. On the other hand, zeroing in on one of the hottest topics around the CEX, the arrest of Tigran Gambaryan, Teng assured that the firm is doing everything in its power to bring the detained executive back to his home.
Also Read: Binance CEO Remains Bullish Despite Sluggish BTC Price Action, Here’s Why
Teng Speaks On Regulation & Current Market Dynamics
Notably, regulatory challenges have become quite a hurdle in today’s crypto landscape. Each nation, aiming for the betterment of its citizens, has rolled out various regulations. However, Teng stated that Binance allows those regulations and adheres to them, shadowing the motive of offering users a protected and safe experience with digital asset investments.
Moreover, when asked about the effect of ETF approval on exchange’s operations, particularly the cannibalization of market participants magnetized towards ETFs, Teng stated that the cannibalization effect remains minimal. Spotlighting crypto’s 24×7 nature, Teng thinks that although ETFs serve as a great opportunity, traditional investment products have limitations.
Richard Teng concludes by saying that the crypto exchange has well-established relations with regulators across the globe, but it continues to stay nimble and is looking for opportunities to grow.
Also Read: Binance CEO Confirms Continued Support For USDC In EU
The post Binance CEO Shares Developments In Post-CZ Era and Crypto Outlook appeared first on CoinGape.
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