Binance CEO Changpeng Zhao has said that regulation, rather than lack of clarity, is a better option for the crypto industry. However, he added that regulation by enforcement is bad.

During a fireside chat at the Hong Kong Web3 Festival, Binance CEO Changpeng Zhao (CZ) said that it is important for regulators to have a deep understanding of the crypto industry to facilitate proper regulations. He recommended that having regulatory clarity is better than having unclear regulations, and advised crypto industry players to be actively engaged with regulators. CZ also said that governments trying to come for crypto may trigger mass adoption of crypto, as restrictions on traditional financial markets push more people towards crypto. He stressed the need for patience and understanding that the first draft of regulations is likely to be overly restrictive.

Binance CEO Changpeng Zhao has said that regulation, rather than lack of clarity, is a better option for the crypto industry. However, he added that regulation by enforcement is bad. Speaking at the Hong Kong Web3 Festival, Zhao said it was important to actively engage with regulators and find ways to limit nefarious players in the industry. He also noted that governments trying to control crypto may in fact help grow its adoption, by pushing people into crypto with restrictions on traditional financial markets. Zhao's comments come after Binance was sued by the US Commodity Futures Trading Commission for allegedly operating an "illegal" exchange and a "sham" compliance program.

Binance CEO Changpeng "CZ" Zhao virtually attended the Hong Kong Web3 Festival 2023 and discussed the future of centralized finance (CeFi), asset security, and mass adoption in crypto and Web3. CZ said Binance is taking many measures such as improving infrastructure, proof of reserves, and using new technology to safeguard users' crypto assets. He argued that CeFi is not against DeFi, and some centralization can coexist in decentralized platforms. CZ also highlighted the need for regulatory clarity, saying "using enforcement to control crypto is bad," and it is crucial for regulators to have a deep understanding of crypto.

According to CZ, this development is likely to lead to more funds moving into the crypto space, with the current market capitalization of USDT alone being $80 billion.

The Binance Smart Chain (BSC) network is set to undergo a significant upgrade and hard fork at block height 27,281,024 in just a few hours. This upgrade will affect the BEP20 network, which is a popular standard for tokens on BSC.

Recently we’ve seen a lot of turbulence on the crypto market: collapses, litigations, insolvencies, layoffs… This might be a reason why SEC and CFTC have started to intensely pursue crypto firms, creating a challenging environment for the industry in the US. This article gives a short update on the recent events connected to the two major CEXs — Binance and Coinbase.

Recently we’ve seen a lot of turbulence on the crypto market: collapses, litigations, insolvencies, layoffs… This might be a reason why SEC and CFTC have started to intensely pursue crypto firms, creating a challenging environment for the industry in the US. This article gives a short update on the recent events connected to the two major CEXs — Binance and Coinbase.

Binance's BNB chain has surpassed Ethereum and Polygon in terms of daily active users, with over 1 million daily active users. The BNB chain has also onboarded 274 million unique users at an average month-on-month rate of 6% over the past year, while Ethereum's rate has declined by an average of 5%.

Binance CEO Changpeng Zhao has responded to the Terraport hack that drained the platform's liquidity account of billions of Terra Classic (LUNC) tokens, noting that none of the stolen assets have been identified on the Binance platform. Some of the funds were sent to MEXC Global and KuCoin, and both exchanges have frozen the assets and are working to protect their users' assets.