AMA SESSION WITH CEO OF BINANCE- CZ
Okay, the first question from Twitter: As we know, various countries and systems of regulating activities related to blockchain; how does binance deal with so many different regulatory frameworks? What should a customer know before using the platform?
CZ: it’s straightforward. I mean, there’s no choice. So there’s only one way to approach. You need to follow compliance rules in every location and user. You also need to follow your local compliance rules in your local place. For example, if you’re in a country that barns Bitcoin, you should not use our platform to buy bitcoin; if we can detect that you’re doing that, we will ask you to stop using our platform.
QUESTION 2: (a) What is your response towards increasing regulatory pressure from the government’s putting on exchanges?(b) Also, what are your thoughts on cryptocurrency becoming an oligopoly market with institutions earning significant amounts of Bitcoin? They would effectively control the price.
CZ: (a) I guess there are two questions there. The first one is regulation. I use that over the next couple of years, and we will see more regulatory clarity. So, in almost all countries, while being overly restrictive for crypto right, we don’t have a choice. what’s most likely going to happen is, most regulators are going to borrow, what is already existing in the current financial markets and try to apply that to cryptocurrencies, and if I were a regulator, I would adopt that approach. Though cryptocurrencies differ from traditional financial assets, we need to work with regulators worldwide to help them find the best balance to encourage innovation and, at the same time, discourage fraudsters, money laundering, etc.
(b) So Bitcoin provides equal opportunity. It does not offer equal, equal distribution. Right, so the word equivalent distribution concept doesn’t work that well because some people work harder over time, some people don’t. So there’s a balance as the more hardworking earn more money over time. And we can’t just say Look; everyone is always financially equal; that’s not going to work because everyone had the opportunity to invest in Bitcoin 10 years ago.So on the part of big institutions coming and may have deep pockets to buy off the bitcoins, I don’t see any problem.
I also think in the future. There are many opportunities, perhaps entrepreneurs, to disrupt the incumbent players. So, I don’t think it’s a problem; I strongly believe in a free market as little innovation as possible on monopolies.
QUESTION 3: How do you plan to keep your market share while all the taxes like uniswap increase their volume, almost becoming market leaders?
CZ: Well, I think number one is the goal is not to keep market share, per se, market share is outstanding, but the fundamental thing that we want to do, or anyone should do is to make products people use. Uniswap is doing great also an opportunity for our industry as he helps our business as well.
So fundamentally comparing CEFI versus the DEFI. So I guess in theory, CEFI should provide a cheaper product that generates a higher yield for the ease of use of its consumers. The DEFI users are different, as they can hold their private keys, and i encourage users who can do that while the CEFI guys deal with the username and password. I believe many people don’t know how to keep private keys themselves securely as we are also doing alot of work in the DEFI space. So we embrace these innovations as there are always more opportunities in the future than in the past.
QUESTION 4: Five years down the line, How do you think finance would serve the crypto world. And what do you think is the future of tokenization in general, from the very name, tokenize DEFI.
CZ: Interesting. So, I believe in the future. Everything will be tokenized. You can tokenize a currency, a project you can tokenize a company to tokenize a person, a person’s future income or, or some other way. So I believe everything can be. You can tokenize a thing like a physical object potentially as well you can. If it’s an expensive antique, you can secularize or tokenize and sell them. So, it could be that everything is moving to a decentralized world. Five years is a considerable time; a lot of to happen or nothing could happen hard to say. But I do believe in 10 to 20 years, DEFI is almost guaranteed to overtake CEFI. So we need to be ready for that, and it is, it is what it is. I think it’s going to be; it’s going to be like digital cameras overtaking film camera.
Question no 5: Hence, Binance is an OG in crypto. How does it plan to position itself against giants like PayPal? I want to see finance kick ass.
CZ: Okay, so in my, in my opinion, binance is kind of like a toddler, binance is always three years old. Three years and four months old, So, it’s still very much a startup. Many people don’t know this or don’t forget, thinking about this. To be honest, your baby’s not an OG, so it’s not yet a big company though it’s moving pretty fast. Compared to Paypal, we’re very different companies, Though I rarely use the named company even though we are another type of organization. PayPal is a vast company now. So, it does have a scale, he has a very high penetration in the payment space, all around the world, bearing a few countries, etc.. Still, they are clearly very active in crypto already, but at the same time, think so far, the product offerings and central are very different from ours, and their user base is also very different from ours.
So I think the more, the merrier, And having them coming into the industry is a robust validation that crypto is going to stay
QUESTION 6: How much do you do to ensure the coins and tokens you list, especially the latest DEFI additions of sound projects that will not class or rugbull tomorrow. I understand the philosophy of giving investors freedom for a reputable exchange to stay away from junk.
CZ: So, yes, so this is a pretty interesting question. And actually, this question did bother us for quite a while.
So yes, we have two different spectrums that we do balance. When binance first started, we are a crypto to crypto exchange that offers an extensive selection of altcoins. As we continue selecting projects and carefully, even though we still have a pretty decent selection. We offer a pretty decent high-quality selection. It has always been our philosophy of providing a large number of coins, even when our reputation has always been the site for users. So we had many internal debates and finally came to a conclusion called the INNOVATION ZONE where you can answer explicit questions to differentiate users who have low-risk tolerance from users who want to access the latest coins, as there was an increase in demand for binance to provide list new tokens for its users to avoid migrating to another exchange which is less reputable and secure.
QUESTION 7: You may not have gotten this before. What are the listing requirements for binance?
CZ: So yeah,. So I did write a, a blog post on LinkedIn. Three years ago called binance listing tips. That’s what we offer now support innovation question, you can search for binance listing tips, you will see LinkedIn article written by me. And then, edited very heavily by the team over the years.
Very simple, the number one criteria I will say is number of users.if you’re a project that has a lot, that they have a decent number of users. Usually, higher number of users means that you, your project or project or your client have utility of some kind, and he has utility has value. So that’s the easiest metric. And if you don’t have users or have users as well , we also look at a few other sort of criterias like. How’s the team, What type of product has the community, etc. There’s a more detailed answer on the article on LinkedIn though at the end of the day we do select high-quality projects to list. Still, everyone definition of a quality project is different.
Question 8: Awoke, some of the upcoming projects binance is working on, what are the most excited about?
CZ: So, to be honest, I don’t always know, well we got a pretty large team now, and we are well organized, Using a right word will be decentralized using a slightly negative name will be chaotic. We do give people a relatively large degree of freedom, and there are all kinds of different projects working on, for example, the binance smart chain was a project that 11 months ago. Somebody asked me in one chat saying we’re going to do a smart contract enabled blockchain. I said it sounds good, and that was that, and nine months later, it was released. So, the short answer is I don’t always know what projects, we’re working on I often find out afterwards after they are announced.
Question 9: How is binance club doing? which countries will it expand next?
CZ: So, I believe Binance club is available in most of Europe, and it’s growing quite quickly. The chart is like a pocket hockey stick chart. I don’t remember the exact numbers on top of my head, but the growth is impressive. To be honest binance card is still a very new product and there is always a room to improve the product itself. So, but there’s a virtual card
So, yeah, it’s doing well, and I think the team is working very aggressively on adding more and more countries. I don’t know much more than that; I do use the product every day four times a day myself. Even though everybody thinks like reaching a card is easy, but there’s a lot of work. So the team is working very hard on and yeah we’ll see what happens.
QUESTION 10: What’s the fate of BSC projects currently, if you have any?
CZ: I look at the leader boards on the BSC projects quite alot, so I think pancake is a pretty exciting project, I think burger was one of the first projects though i don’t know who they are just read a blog post about them. There are some other interesting projects like SOCKS is a pretty interesting project.
Another exciting aspect is that alot of projects are quite named suspiciously like mimic names of real projects are scammers the scam projects are even picking controversial words. However, it shouldn’t be used as accurate information in choosing projects as you have to do your research too.
I don’t know much of projects on the Binance smart chain, but it keeps going up day by day.
QUESTION 11: Does integrating with BSC highly increase the odds earning the list on the Innovation Zone.
CZ: Yes, we do have a preference evaluation for the binance smart chain projects first, and we do encourage people also to do so, as we do slightly higher preference in terms of priority reviews etc. and that even doesn’t guarantee listing every coin as they are thousands and millions of cash already. But being on Binance Smart chain is a thing we consider, and we try to prioritize those projects.
QUESTION 12: what’s the best way for BSC projects to contact the binance BSC team
CZ: I think there’s an email address called firstname.lastname@example.org that’s probably an easy way to contact the binance team. BSC doesn’t have a team, but you can use that email to contact somebody at binance if you want grants, investments, or learn more about binance, etc
QUESTION 13: What does it take to work in the quibbles of binance?
CZ: As I said before, we have a careers page on binance.com. Look through those and submit your Resume as we are hiring from every region and every role(developers, product lead, copywriters) and everywhere. We don’t have cubicles, and if you don’t see some posts, you can reach out to the community members as some of them are on Twitter, telegram, etc.
Also, becoming a Binance angel is a good stepping stone to be binance employees. We have had many binance angels who became employees and are very passionate about the binance mission. They turn to be substantial contributors in binance.
QUESTION 8: Looking at the career page, Some of the roles can be completed remotely. Can they be done remotely?
CZ: Ohh, yes, most of it can be done remotely as working remotely also have some disadvantages and Advantages. So you have to be able to work efficiently.
Thanks, everyone. If you have any feedback or points you want to discuss, you can reach us on Twitter. Bye!!