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Binance Not Looking Back: CZ Puts Focus on Web 3.0 – Unmoved by Stocks

  • Changpeng Zhao sstates clearly: “We have no plans of doing stock trading”.

Changpeng “CZ” Zhao, the CEO of Binance, has been the center of attention a number of times throughout the lingering crypto turmoil, but not for negative reasons. On the contrary, Binance has been named as one of a handful of companies in the crypto game still capable of, and willing to lend a helping hand, even raising the bar.

Receiving as many as 50 requests per day from struggling crypto firms, CZ has even been working on Sundays, which according to him is “when the mind is clearest”. Adopting a long-term approach to crypto, Binance is looking to acquire companies, but is not keen on adopting complex loan plans or flash bailouts. “Keep it simple” is the motto, as said by the new “BinanceMan” Khaby Lame.

Crypto Is Here to Stay

CZ forecasts that the price of Bitcoin (BTC) won’t jump above the $69,000 mark for at least two years, but also remarked that some of his past colleagues would have been “extremely happy” if he had told them that Bitcoin (BTC) would be at $22,000 in 2022. In addition, CZ made sure to assert that he has never regretted selling his house to buy Bitcoin (BTC) at $600 per coin. Ultimately, the long term-approach adopted by the company helped them to overcome the trials and tribulations of crypto winter, according to the founder of Binance.

Many of the competing top crypto platforms elected to add non-crypto related trading options, such as stocks, to try and get by. Retailers like Robinhood and eToro implemented stock trading options, while the 2nd largest crypto platform by market capitalization, FTX, announced the feature in May, shortly after Terra (LUNA) and Terra (UST) fiasco happened. “We’re not going back, we’re moving forward”, Binance’s CZ said firmly, likely referencing the decision by FTX.

Unity Is the Key, Says CZ

As pointed out by Changpeng Zhao on Twitter, the crypto market lacks unity, which ultimately hurts the entire sector, because, as he put it, “what’s bad for one project is usually bad for other projects too”. The comment was made in response to Charles Hoskinson’s shots at Michael Saylor. CZ even went so far as to sarcastically remark that only aliens can help humans unite.

BNB Back on Track

Binance’s native token, BNB, is back in the green, having recorded weekly gains of 11.3%. The last 24 hours have also been bright for BNB, as it gained 3.3% to trade at $261.41 at the time of writing, according to CoinGecko.

On the Flipside

In less savory news, it was reported that Binance bypassed U.S. sanctions to serve Iranian traders.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.