We earned that trust through many decisions and actions that protected users. We are the largest crypto exchange because users trust us. We don’t take that lightly, as we have the opportunity to lead by example and partner with regulators to move shared objectives forward. As industry leaders, many people see the industry and see Binance. I believe every cryptocurrency exchange is working closely with regulators all around the world. Īs the largest exchange globally, why is Binance having so many regulatory issues in the U.S., Europe and China? And what steps is the company taking to address them? Overall, effective regulations safeguard consumers while stimulating growth and innovation, while poorly crafted regulatory policy stifles growth and protects dated, ineffective processes and institutions. However, it’s just as crucial for regulation to complement instead of hinder crypto’s growth. Our view is that it’s great for the regulators to be coming in order to get to 10%, 20%, 80%, 99% adoption.

Ultimately, it takes proper regulation to realize crypto mass adoption, and we believe in facilitating this in a healthy way through proactively collaborating with local regulators and leading the industry to a common destination: benefit and protect users. Zhao: Regulation is essential for the crypto industry and will go a long way towards building trust with consumers and institutions interested in the space. What’s your take? Should crypto be regulated? TechCrunch: Crypto is one industry several governments are trying to regulate. (This transcript has been edited for clarity and length.) In this interview with TechCrunch, Zhao discussed crypto usage and adoption in Africa, Binance activities and the company’s stance on regulation. It is already taking several hits from regulators in the U.S., China, the U.K., Japan, Malaysia, Thailand, and the E.U., which are now concerned about its unregulated and unstifled growth in recent years. However, for that to happen, the company will need to consider the regulatory challenges it might face on the continent, where crypto activities have been barred in two of the most prominent crypto-heavy countries, Nigeria and Kenya. With cryptocurrency, blockchain and decentralized finance gaining ground on the continent, Binance wants to be the leader in driving these activities. ĭespite growing over 1,200% by value, Africa still accounts for only 2% of the global value of crypto transacted in this period. These numbers highlight the general activity of crypto trading in Africa, where $105.6 billion worth of cryptocurrency was transacted from July 2020 to June 2021, according to Chainalysis. In the first half of 2021, Binance attracted 151 million clicks from Africa and the Middle East and 11 million from Nigeria, according to the WSJ. The Wall Street Journal recently reported that Binance’s daily transactions stood at $76 billion, a volume worth more than its four nearest rivals combined. Changpeng “CZ” Zhao launched Binance in 2017 and, according to some sources, the company grew into the world’s largest cryptocurrency exchange in the world in 180 days.

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