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As traditional financial institutions aggressively reduce their exposure to cryptocurrencies in response to the collapse of the ecosystem in 2022, Binance CEO Changpeng “CZ” Zhao said the move would We believe this could have a negative impact on traditional financial players.
The collapse of major cryptocurrency companies such as FTX and Terraform Labs has eroded investor confidence and forced traditional markets to re-evaluate their strategies for entering the cryptocurrency ecosystem. The reluctance of traditional players has acted as a deterrent to crypto adoption in the short term, but CZ argues that the decision could backfire over the next 20 years. .
It really prevents traditional financial players from adopting this technology and is likely to fall further behind on the adoption curve, potentially impacting their survival in the next 10-20 years. ♂️
— CZ Binance (@cz_binance) January 27, 2023
According to CZ, over the next 10 to 20 years, traditional financial players who choose to delay crypto adoption will fall far behind the adoption curve.
“[The lack of crypto adoption] may have an existential meaning of [traditional financial players] 10 to 20 years from now”
CZ, like other crypto entrepreneurs, believes the actions of figures like Sam Bankman-Fried set the industry back several years. To tell the truth. “
CZ’s long-term bet on the fate of crypto deniers has been supported by investors who have begun to slowly recover from the trauma of 2022. Overall positive sentiment is pushing Bitcoin (BTC) price down at time of writing. , from the $15,000 range to well over $23,000.
Related: Binance Charity will offer over 30,000 Web3 Scholarships in 2023
Amid mounting insider trading accusations, Binance informed Cointelegraph of its zero-tolerance policy. According to a spokesperson:
“All employees are subject to a 90-day hold on investments they have made, and Binance leaders are obligated to report trading activity on a quarterly basis.”
In 2018, Binance’s insider trading prevention policy included a 30-day period, which has now been extended to 90 days.
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