CZ Thinks Crypto Regulation Is a Good Thing

Binance is the world’s leading cryptocurrency exchange, and CEO Changpeng Zhao believes that regulation would be a good thing for the crypto space.

Binance CEO Changpeng Zhao believes that regulation will be good for the cryptocurrency space. He made this known earlier this week in an interview with CNBC’s Squawk Box. The cryptocurrency space has become a $3 trillion market. This has aroused the interest of regulators around the world.

Due to the changing nature of the cryptocurrency market, regulators found it difficult to properly regulate the space. Binance, the world’s leading crypto exchange, has been under strict scrutiny by regulators in various parts of the world in recent months.

As a result, Binance had to make several changes to the way it works. CZ said Binance is changing from a technology company to a financial company. He also stressed that regulation is needed in the crypto space. He added:

“This year, most of the regulators around the world are intensively engaged in crypto, and many of them are communicating with us. We believe that this is the right time to call for a global framework. We think it is important that the players in the industry sit at the table. And we also believe that some regulations, if they are issued in a vacuum, may not have practical considerations in their application and will not be applied very well.”

Changpeng Zhao also explained that further regulation in the crypto market is inevitable. However, he believes that while regulation may seem strange for an industry that had become popular due to its decentralized nature, it will be good for the crypto space in the long run.

Binance has hired former regulators in various parts of the world to lead its regulatory efforts. The exchange had to stop some services in certain parts of the world in order to regulate its activities and work within the framework of the law.

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