Binance CEO Changpeng Zhao (CZ) declared at the Hong Kong Web3 Summit that “enforced crypto regulation is a very bad thing.”
In his opinion, the only thing worse than the lack of clarity in the laws is the presence of bad restrictive rules.
CZ noted that there is a “quite natural tendency” among regulators to borrow advice from the traditional financial industry and apply it to cryptocurrencies, but digital assets are a very different industry.
He also added that most departments have no experience in the crypto market, which exacerbates the situation.
Zhao said if the authorities want to keep people in traditional markets, they need to lower fees, simplify transactions, and improve user experience. The lack of improvements in this area contributes to the adoption of cryptocurrencies, CZ believes.
In March CFTC accused the US division of Binance of “fictitious” compliance with US rules regarding derivatives trading.
Zhao called the regulator’s claims “surprising and disappointing.” In his opinion, the Commission’s claim contained an “incomplete statement of facts”.
CFTC Chairman Rostyn Benham said the exchange’s actions were a clear case of evasion of the law, so the authorities had to “intervene aggressively and as quickly as possible.”
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
