Financial institutions continue to flock to crypto – Binance

Changpeng Zhao

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TL;DR Breakdown

  • More financial institutions continue to turn to crypto.
  • Zhao calls crypto multiasset class technology.

CEO of Binance Crypto Exchange, Changpeng Zhao, has said that traditional financial institutions and investors have continued to flock into cryptocurrencies in recent times.

Zhao said that most of these financial institutions have their sights set on Bitcoin. He noted that the crypto space has seen a growing number of traditional monetary institutions turning to it.

Why financial institutions continue to turn to crypto

The Binance CEO spoke during an interview with South China Morning Post while sharing his experience and views on trends in the crypto space. Zhao said traditional financial institutions and investors have already seen the benefits of cryptocurrencies, which he explains as why these firms are flocking cryptocurrencies.

“The financial institutions are coming big time. We also see the traditional financial services from some of the bigger names moving into the space.”

While speaking, Zhao said Bitcoin is also a multiasset class technology which he says makes leading financial institutions view it as an investment instrument.

Zhao opined that digital assets would play a massive role in the future monetary network.

Zhao speaks on Binance regulatory issues

The Binance chief, during his interview, spoke on the exchange regulatory woes as watchdogs from UK, Hong Kong, Japan, and Singapore have warned the exchange severally.

He said that the firm would change its structure towards solving issues the exchange face. More specifically, Binance would rebuild itself into a licensed financial institution with centralized headquarters, he said.

“Four years ago, we wanted to embrace decentralization, but we do run a centralized exchange. We need a shift. We need to enhance. We are making those changes to make it easier for regulators to work with us,” he said.

Previously, Zhao, who founded Binance, has said that he is ready to step down as head of the firm towards solving its continued issues with regulators. The exchange has been appointing regulatory professionals into key positions to help it solve its regulatory woes.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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