Binance is the world’s leading cryptocurrency exchange, and CEO Changpeng Zhao believes that regulation would be a good thing for cryptocurrencies.
Binance CEO Changpeng Zhao believes the regulations will be good for the cryptocurrency space. He made it known during an interview with CNBC’s Squawk Box earlier this week. The cryptocurrency space has turned into a $ 3 trillion market, sparking the interest of regulators around the world.
Due to the changing nature of the cryptocurrency market, regulators have struggled to properly regulate the space. Binance, the world’s leading crypto exchange, has come under intense scrutiny in recent months from regulators in various parts of the world.
As a result, Binance had to make several changes to its operation. CZ said that Binance was in the process of transitioning from a technology company to a financial company and that regulation was needed in the crypto space. He added that;
“This year, most regulators around the world are carefully reviewing cryptocurrencies and many of them are communicating with us. Therefore, we believe that now is the right time” to appeal to a global framework. We believe it is important that industry players have a seat at the table. And we also believe that some regulations, if developed in a vacuum, may not have practical considerations in the way they are applied and are not applied very well. “
Changpeng Zhao added that greater regulation in the cryptocurrency market is inevitable. However, he believes that while regulation may seem strange for an industry that has become popular due to its decentralized nature, it will be good for the crypto space in the long run.
Binance has hired former regulators in various parts of the world to lead its regulatory efforts. The exchange had to shut down some services in some parts of the world to regulate its activities and operate within the law.
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