Binance CEO ‘CZ’: Centralized Systems Are Inevitable for Crypto Adoption
Changpeng “CZ” Zhao, CEO of the world’s largest crypto exchange Binance, says that the crypto industry needs centralized systems in order to integrate with the traditional finance industry.
CZ made this statement in a video on Binance’s YouTube channel when taking questions from users. “The centralized organizations are always ready to f**k you up. #DeFi is the future,” one of the remarks were, to which the Binance CEO responded:
“If you think that, don’t touch any centralized systems. Stay in the decentralized world, all the power to you.”
CZ continued and said that nevertheless, centralized systems are required to help bring money into crypto from mainstream finance while simultaneously providing an exit route.
Another query was on the topic of Know Your Customer (KYC), as one user criticized the lack of platforms that allow you to trade crypto without KYC authentication. Having faced his own regulatory challenges this year with Binance, CZ responded:
“There are smaller platforms that don’t require KYC but I would highly recommend you do not use those platforms.”
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Source: igaming
