In an interview with Anthony “Pomp” Pompliano for the Megafone podcast, founder and CEO of Binance, Changpeng Zhao, spoke about his vision regarding cryptocurrencies, regulation and market challenges. Here are the main excerpts from the interview:
Working for companies such as Bloomberg, Zhao joined early in computing and financial world in his professional career. Besides that, the executive was one of the developers of Blockchain.info and CTO of the Chinese exchange OKCoin.
Zhao does not define himself as a revolutionary or libertarian of cryptocurrencies. But it claims only to seek efficient solutions to make things better. He sees cryptocurrencies as a promising technology for the financial market and thinks that regulations are necessary and inevitable.
The exchange’s founder and CEO said that the company’s initial team was made up of only 13 members. The biggest challenge faced in its initial phase, according to Zhao, was the different national regulations. The secret to dealing with them, he said, was a strong foundation of moral values.
One of the innovations implemented by Binance was the crypto to crypto business concept. Therefore, there are no transactions using fiat money on the platform. Instead of, exchange uses tether as stablecoin. In addition, the company chose to have a global presence instead of focusing on the US market.
Zhao says he believes security tokens tend to grow more in countries where regulation is more flexible. However, even disappointingly, the executive says he understands that these assets should not be classified as safe. That is, he does not see this asset as a substitute for fiduciary coins.
Binance intends to focus on sedimenting its current structure. There are plans, also, with security tokens.