Binance CEO: Cryptocurrencies Like Cars - At first they were terrifying, then they became everyday

The cryptocurrency industry has been going through hard weeks recently. And it is not only about price drops, which is natural in the financial market, but about undermining confidence in the whole blockchain industry. So far, it has been successful, although the arguments of traditional banking, which defends itself with its hands and feet against a more modern solution over which banks have no control, are rather weak. He decided to deal with some of them Changpeng Zhao, CEO Binance, the largest cryptocurrency exchange in the world, which reached the top very quickly, although it has been in existence for only four years. So he published a letter to clients and more.

- We are deeply convinced that our industry will benefit mankind by creating favorable financial opportunities. We call it "Freedom of money" - writes Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in the world.

In an open letter to users, he emphasizes his company's commitment to the development of the entire industry, and above all, the legality of trading and anti-money laundering.

"Our clients first and foremost"

Changpeng Zhao writes in it, inter alia, about the fact that when he started out in the cryptocurrency industry, there were no clear standards in it, and also many users. Now everything is different: the number of cryptocurrencies is counted in the thousands, users in the millions, and the industry has set standards that are monitored by the biggest players. Binance is one of the pioneers in its approach to security. 

- (...) We have added requirements for using our platform and set industry standards: strict confidential trading rules (no active trading of any assets within 30 days), Safe Asset Emergency Fund (SAFU) to protect user assets, and strict listing standards and firewall to separate the quotation team. We also invested in early-stage educational resources through the Tutorials and Binance Academy to help users from all backgrounds make informed crypto decisions. For high-risk products, we set limits and safeguards to encourage responsible trading. At the moment, Binance is the only crypto trading platform with a Responsible Trading Program - highlights in the letter Changpeng Zhao, founder and CEO Binance.

"We eliminate criminal activities"

Representative of the largest Cryptocurrency exchanges the world also referred to the insinuation that the entire industry is linked to international crime, which allows the laundering of billions of dollars obtained from crime. He argues that not only does he not support them, but also helps to track down and curb their actions.

- So far, in 2021, we have already completed 5,6 thousand. investigative conclusions, which gives us a result 100% higher than in 2020. Recently, we supported the elimination of a thriving group of cybercriminals, responsible for the misuse of over $ 500 million from dark web operations and advanced cyber attacks. - Changpeng Zhao enumerates.

At the same time, she emphasizes that with the wider adoption of cryptocurrencies around the world, the need for a clearer regulatory framework in different countries is also growing. For now, they are very different, and their unification should be a solid foundation that will allow the cryptocurrency industry to develop around the world, so that they ultimately become a natural means of payment for everyone.

"Cryptocurrencies are like cars used to be"

A businessman compares cryptocurrencies to a car. When the first automobiles were built, there were also no regulations, traffic lights or even seat belts. All rights and amenities were created only after that. 

- We know that, together with the broadly understood industry, we are at a critical point. Our vision is to increase the freedom and integration of society. We strongly believe that our industry will benefit mankind by creating favorable financial opportunities. We call it "money freedom." Only when it is tempered with a framework that protects all actors, this lofty vision will not be possible without the support and guidance of regulators and policy makers who understand that innovation has a long-term, sustainable impact. - ends the CEO of Binance.