Changpeng Zhao, the CEO of Binance, argued that cryptocurrency is the only stable thing in this very dynamic environment, despite the crypto market crash, in which the price of Bitcoin dropped 70% from $69,000 to its current value of around $20,000.
On the 2nd of November, in Lisbon, at Web Summit, Binance’s CEO argued that while crypto prices are volatile, if you look at the technology, if you look at the fundamentals of cryptocurrencies and the limited supply, nothing has changed. Moreover, he said that technology-wise, it has been the most stable thing in this turmoil situation.
In the Web Summit, Changpeng also discussed the current situation of crypto regulation in the wake of Binance’s push to secure licenses in countries such as Spain, France, Bahrain, and Abu Dhabi. Changpeng described regulators in those regions as smart. Changpeng believes that the US regulators are pretty good, which single out the level of banking back for crypto exchanges in the country.
About using the automated clearing house protocol, Chanpeng said that US crypto exchanges could automatically deduct money from users’ bank accounts each month without user intervention. Moreover, he said that they do not get that level of banking support in other parts of the world just yet.
Changpeng confessed that the US regulators are more restrictive on the product offerings, such as derivatives. He said that very few people have licenses.
In the past month, a few days ago, Binance invested more than $500 million in Elon Musk’s takeover of the social media site Twitter. Binance’s CEO claimed this investment was made in the name of freedom of speech. Changpeng said that they want to be highly supportive of free speech, and their goal is helping to increase the freedom of money. And free speech comes before freedom of money, he added.