The CEO of Binance, Changpeng Zhao says that regulating the cryptocurrency market would be a good move by the government. Zhao, commonly known as CZ in the crypto industry appeared in a business segment premiered in CNBC News.
CZ stated that Binance is changing from a technological company to a financial service company. He revealed that the firm is setting up headquarters, offices, regional headquarters and local branch offices across the United States.
The host at CNBC said the crypto market has grown exponentially and would the market players welcome regulations. “You’re at a central point in terms of welcoming more regulations and more clarity because its getting big now. You could be subjected to regulatory agencies. Is it in your best interest right now (regulations)?” asked the CNBC host.
We Strongly Believe Regulations Are Good For The Industry, Says Binance CEO
CZ agreed to the CNBC host that the crypto market has turned out to be a giant and regulators are looking closely. He stated that Binance is doing everything to help regulators understand the nuances of the crypto market.
”Absolutely, right now we’re at a pivotal point. We need to change from a technological company to a financial services company. We started this process four to five months ago and and we’ve done a lot since then. It’s very clear for centralized exchange we need a centralized structure. So we are setting up headquarters, offices, regional headquarters and local branch offices We have physical locations and entities.”
”We started as a decentralized organization but as the industry gets bigger the regulators are looking at this industry. Regulators don’t know how to work with decentralized structures. So we’re setting up the decentralized structures now and we believe very strongly that regulations are good for the industry,” said Changpeng Zhao.
Majority of People Want the Market to be Regulated
CZ stated that close to 500 million people around the world might have invested in cryptocurrencies. The rest of the people believe in centralized finance and want safety and security for their investment. Getting the market regulated would help the crypto industry to grow further, he said.
”Right now around 500 million people around the world might have invested in crypto. Those are the early adopters. The others probably prefer a regulated entity with more structures. We think this is better for the industry to grow.”