The CEO of the largest cryptocurrency exchange Binance said that his platform does not intend to enter the stock market.
Changpeng Zhao stated that regardless of the number of users, Binance will not be interested in offering the opportunity to trade stocks. The businessman does not undertake to judge whether other cryptocurrency exchanges offering a similar service are right or not. But – the exchange of securities does not correspond to the philosophy of his company.
The FTX exchange recently began offering customers the opportunity to trade stocks for stablecoins. Zhao acknowledges that such trading is a lucrative market for many retail investment platforms such as Robinhood and Webull. But he prefers Binance to focus on building more tools for Web3.
The CEO added that Binance is looking at several companies as potential acquisition targets during a bearish market – but none of them are associated with a traditional asset swap. Potential deals “will be simpler”:
“That doesn’t mean complex deals are bad. It’s just that I prefer to always do things in a straightforward way, get down to basic principles and move on.”
Recall that earlier Zhao commented on a $ 500 million credit line provided to the bankrupt crypto broker Voyager Digital by Alameda Research Sam Bankman-Fried (Sam Bankman-Fried. The head of Binance said that he “would never go for such a deal.”
Source: Bits
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