Binance CEO Changpeng Zhao (CZ) said in a video interview at the Hong Kong conference he attended that he is very interested in blockchain payments in the next few years because the current wallet is not easy to use, not ideal in terms of security and has many aspects that could be improved.
CZ Said "The Worst Regulation Is Better Than No Regulation"
CZ said that regulation of cryptocurrencies rather than uncertainty is a better option. However, he noted that regulation by enforcement is bad:
“The lack of regulatory clarity is the worst. Having bad and restrictive regulations is better than that. It's really bad to have vague rules and then chase people with sanctions."
At today's event, Zhao said that there is a "very natural tendency" for regulators to borrow guidelines from the traditional financial sector and apply them to cryptocurrencies, but crypto is a diverse and emerging industry.
Zhao said that many regulators have no experience with the cryptocurrency industry. However, he noted that many of the banking supervisors had worked with banks before and had a better understanding of this industry. Regarding his approach to regulators, Zhao said:
“So it's really important to interact very actively with regulators. Just look, we can't say they are decentralized. We cannot say that our center is not anywhere.”
There has been a drastic change in Zhao's style of regulations in the past two years. Earlier, Zhao said that Binance is a decentralized company and has no headquarters.
*Not investment advice.