CZ: Crypto industry will continue to grow; Regulation in crypto industry is needed to impose consequences on ‘bad players’

Binance co-founder and CEO spoke about the current challenges and future of the crypto industry in an exclusive interview with UNIC CEO Antonis Polemitis

There is a necessity for regulation and policies that will ensure customer protection, consequences for “bad players” and transparency in the crypto industry, Binance CEO Mr. Changpeng Zhao stated on 28 November 2022. Mr. Zhao, known in the crypto world as ‘CZ’, was speaking in an exclusive interview with the University of Nicosia CEO, Mr. Antonis Polemitis, when asked to comment on the recent bankruptcy of BlockFi and FTX.

The interview was held during his first ever visit to Cyprus, following a Class 3 registration granted to Binance by the Cyprus Securities and Exchange Commission (SySEC) to expand operations on the island as a Crypto Asset Services Provider (CASP).

“No matter how mature the industry is, you cannot prevent people from acting badly. It is not a crypto-specific problem”, CZ added. He went on saying that “we are still early in the development of the industry”, and that “regulations are much needed” in an appropriate manner for the sector. CZ commented that, in the United States, the financial and banking infrastructure for crypto was more mature, but the EU has a more unified approach to regulatory matters.

When asked about the future of the industry in ten years from now, Binance CEO said that it is very hard to predict, especially given the fast pace of developments, but that the industry, much like the internet, would inevitably evolve, and that more and more people will end up using it.

“You cannot prevent technology innovation”, he said. “You can shut down the internet or bitcoin, but there will be other concepts arising. Over one million people are now working in the crypto industry. It is those people who will continue pushing it forward”, he added.

Lastly, CZ said he was visiting Cyprus as part of his mission to get to know all places around the world that are “crypto-friendly” and announced that Binance will be opening offices there very soon.

The full video of the interview is available here: