The crypto industry needs centralized systems in order to integrate with the traditional finance industry, according to Changpeng “CZ” Zhao, CEO of Binance.
- The founder and CEO of the world’s largest crypto exchange by trading volume was responding to users’ queries for a video on Binance’s YouTube channel on Thursday. One user had stated: “The centralized organizations are always ready to f**k you up. #DeFi is the future.”
- “If you think that, don’t touch any centralized systems,” CZ said. “Stay in the decentralized world, all the power to you.”
- Centralized systems are needed to help bring money into crypto from mainstream finance while also providing an exit route, he said.
- Another user bemoaned the lack of platforms to trade crypto that do not require know your customer (KYC) authentication, following Binance’s own regulatory challenges in this area in recent months.
- “There are smaller platforms that don’t require KYC but I would highly recommend you do not use those platforms,” CZ responded.
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