On May 1, 2023, Binance CEO Changpeng Zhao (CZ) held a Q&A on Twitter Spaces to answer questions from viewers. And here is a summary of the key highlights of CZ’s answer.
About Banking and Bitcoin
– American banks have recently collapsed. What do you think the current state of the US banking system means for Bitcoin and crypto?
CZ : The success or failure of banks has nothing to do with crypto so much. People keep their money in banks. and when they can’t keep their money in the bank They may look for other avenues. And crypto is one of them. But it’s not the only option. Some people buy stocks, real estate, gold and now there is another alternative which is crypto.
In my opinion, crypto is one of the best options. even though there are different risks But it has a lot of advantages. Including easy to carry easy transaction and limited quantity And it’s also easily verifiable, transparent, open, very comprehensive, and international, but it’s highly volatile. And it’s relatively new.
However, crypto should not rely on the failures of others for our success. We should make crypto easier to use with utility. use case and more acceptance In order to increase the use and value of crypto, crypto can also co-exist with traditional banks and currencies. We just have to do what we do better.
The more successful a bank is, the better crypto it is. Because the more everyone is economically successful, the more The more money and value, the more people, the more activities. It’s even better for everyone.
French
– What are the plans for Binance in France?
CZ : Binance is a global platform. We try to expand to as many countries as possible regardless of language. Wherever it is crypto-friendly, we will be there. We also have a large French-speaking team. And we have local teams in many countries in Africa. both in French and English
identity verification
– Can you tell me about the KYC process and the potential problems with those processes?
Verification is an integral part of our security and compliance systems, with Binance being perhaps one of the few global crypto exchanges to enforce KYC procedures globally, which today is still a small exchange. There are many that do not enforce full KYC, but we feel that we need to be a role model in compliance.
KYC can affect the user experience. Causing more documents to be uploaded And sometimes the system doesn’t work as well as it should. For example, in some countries, there may be cases where names that sound similar or spell similar are incorrectly flagged as PEPs (politically exposed persons). But we are trying to improve our KYC solution.
regulatory
– What obstacles do you have in trying to comply with regulations in different parts of the world? What will make your life easier?
CZ : There are many different obstacles. I think the number one problem is actually supporting banks, which if banks are willing to work with crypto, especially with exchanges. We will be able to truly facilitate the transition between the traditional financial system and the crypto-finance system. Therefore, banking support is of the utmost importance.
We make more efforts in crypto-supporting countries and less efforts in less favorable countries. But we have large policy teams that comment on different regulatory frameworks. Including advice, advisers, etc. I think it’s very important to make the regulatory framework work well in many countries. Although many regulatory frameworks may be too restrictive, But I think it’s normal. and over time We look forward to industry feedback. And we want to be involved in that process. and try to improve
About Meme Coins and Token Listing
– How popular does a meme coin have to be before Binance lists it?
CZ : I cannot comment on any project listings. We have a strict policy. We forbade them to reveal anything. Because there are many opportunities to be accused of insider trading. or other problems
but about meme coins In general, I personally never understand meme coins. Even so many successful people seem to understand them, including Elon Musk and others.
If it’s a coin that has a lot of users who are trading it, want it, etc., we usually list that coin. But if the coin lasts for two weeks then it dies, we probably won’t, so we look at the coin from the user’s point of view.
We have an independent team that evaluates these. We list SHIB and it is one of the high volume coins on Binance. So we are not against meme coins. We are not against any coin, with the number one criterion being users. But we also consider other things.
About NFT
– Personally, I have never bought a single NFT. But that doesn’t mean I don’t like NFT or don’t believe in the technology.
It may be too early for NFT, but the technology has enormous potential. But I’m not an investor or a collector. I’m just trying to create a platform for people to use. Therefore, he saw himself as a blacksmith who made tools for others.
refer : LINK