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Meanwhile, the exchange saw volume last night that rivaled peak bubble, Changpeng Zhao says.
By Amy Castor
CZ thinks the US needs to redraft its crypto regulations.
THe also said that Binance just surpassed 11 billion trades per day.
Regarding the delisting of BSV, it was a “tricky decision,” CZ said.
he CEO of Binance, one of the world’s largest cryptocurrency exchanges by trading volume, thinks that the US needs to loosen up on its crypto regulations because they are stifling innovation in the space.
“It would be good if someone actively loosens or drafts a new set of regulations for cryptocurrencies,” Changpeng Zhao, who generally goes by
“CZ,” said during a fireside chat at Virtual Blockchain Week last night. “That would encourage more innovation.”
He went on to add more cautiously that regulators in the US do have a lot of power. “We don’t want to step on the wrong guy’s toes,” he said.
He also fielded questions regarding his thoughts on self-professed Bitcoin creator Craig Wright. In a controversial move last year, Binance delisted BSV (which stands for Bitcoin Satoshi’s Vision), a bitcoin fork promoted by Wright.
“The delisting of BSV was a tricky decision,” he said. But given that Wright was so heavily associated with the coin, he felt it was better to take it off the exchange.
“I think Craig Wright is absolutely a fraud,” said CZ. “He is not Satoshi Nakamoto. Anybody who understands crypto knows that.” But he added that despite that, BSV still has a following somehow, especially in Chinese communities.
But the move still had an impact on the coin’s liquidity, making it less attractive to traders.
“What is interesting, after we delisted, some of the other exchanges feel that there is no other liquidity. Large traders probably think it is easier to manipulate the prices of that coin. So that is probably the easiest coin of the top 10 to manipulate prices right now,” he said.
Binance recently acquired CoinMarketCap, a popular data aggregator and cryptocurrency rating site. Is that an issue with a large exchange taking ownership of a crypto rating site?
“We plan to remain neutral,” CZ said, adding that all Binance teams operate independently “Binance does not get special favors,” he said. “If Binance wants to buy an ad on CoinMarketCap, Binance pays for it.”
But what about BSV? Any plans to remove that coin from CoinMarketCap? “No,” said CZ. “Not just yet.” That brought some hesitation from the hosts, who asked, “What do you mean, not just yet?”
“Nothing is permanent,” said CZ. “Anything can change at any minute.”
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