Binance CEO says centralized crypto services will stay here

The CEO of the Binance exchange shared his thoughts on the CeFi & Defi industry. He also shared how they are handling new coin listings on the exchange. 

Binance is a popular crypto exchange and its services are best for all types of crypto users to deal with Crypto assets trading. This exchange is trying to make its crypto services much better over all  other crypto services. 

On 31 December, Changpeng Zhao, CEO of Binance exchange, appeared in a video “Hot seat with CZ” on the official YouTube channel of Binace exchange. 

Zhao explained through the video how they tackle many types of activities against the Binance exchange on Twitter platforms under criticism and also explained that centralized crypto services will stay in the long run over decentralized services. 

Zhao noted that there is a huge need for centralized services to link the crypto industry with the traditional financial system. He said:

 “Today, we still need the centralized systems to integrate with the traditional financial industry so that we can bring the money into and out of crypto.”

Zhao also figured out that many types of risks are possible in this crypto industry because of the involvement of bad actors, which deal with illicit activities with the use of crypto. By taking such risky things, Zhao said that the crypto industry is still in the initial phase of growth. 

Binance CEO explained a question raised by a Twitter user, who claimed that all coins are fake coins. Zhao hinted that there are highly restricted rules to list the new coins on the exchange. 

Zhao said:

“Binance lists about six or seven hundred coins out of probably 6 million coins. So only one in 10,000 coins that’s ever created gets listed on Binance. That’s about 0.01%. It is a very small number.”

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