Global Blockchain Eco-Conference | CZ (Zhao Changpeng) Founder of Binance: Compliance & Security, the Top Priorities

2020/08/18 Innoverview Read

(Aug.27th UTC+8, Shanghai) At the 2020 Global Blockchain Eco-Conference hosted by Alchemy Pay, Mr.Zhao Changpeng, Founder of Binance, delivered a keynote speech entitled "Ecological Construction and Compliance Development of Binance ". The grand conference gathering many c-suites from China Banking Regulatory Commission, Xiaomi, Ping An, Sinochem Group, Amazon and other institutions to share and interact with the attendees.

Mr.Zhao said that Binance had always placed great importance to safety and compliance issues, and each exchange needed to continue working towards being fully compliant. Binance has very strict currency control measures, and works closely with a lot of regulatory and law enforcement agencies to help combat any industry wrongdoing. At the same time, Binance also puts in a lot of resource to combat against anti-money laundering. "Binance’s anti-money laundering measures may be more stringent than traditional banks do and we believe this plays an important role as to why we are able to consistently lead in the industry."


 (Image: Zhao Changpeng, Founder of Binance)


When it comes to the current hot DeFi, CZ thinks it is a relatively innovative concept and only 10% of projects will be successful in the long run. However, CZ highly recognizes the breakthrough significance of DeFi for the blockchain industry.


When asked about CeFi and DeFi, Mr. Zhao responded that Binance will continue to support other DeFi and decentralized exchange projects to help stimulate development of the whole industry, "Currently, cryptocurrencies hold less than 0.2% market share when compared to the all global asset classes. What we need to do is aim for 2%, then 20% - to grow it 10x, 20x. This, I believe, is more important than fighting for market share within the current size of the crypto market.”

Nowadays, many financial institutions are involved in the blockchain industry and further promoting the adoption of digital currency payments. At the same time, CZ suggested that the traditional financial market have an in-depth understanding of blockchain, and Binance hopes to provide a bridge between the traditional financial market and digital currency.



(Onsite photo)

Project leader at Binance’s BUSD, Helen Tu, gave a keynote speech on the topic "Entering DeFi? Binance BUSD 2.0". Helen Tu, who leads Binance BUSD, introduced the current main use cases of stablecoins: arbitrage, transfer of value, trading and savings.


(Image: Project Leader of Binance BUSD, Helen TU)


Helen said that while BUSD may be issued later than other stablecoins, its progression has been rapid and is now one of the leading stablecoins globally. "The market cap of BUSD exceeded $100 million on March 10 this year, and on April 1st, just 21 days later, the market cap doubled again, with more than 150,000 BUSD holders."


She believes that stablecoin is a bridge between Fiat and digital currencies and that purpose of each stablecoin is different. At present, the competitive advantage and core purpose of BUSD lies within the trading space. In the future, BUSD will continue to serve its role within trading while spearheading into the DeFi market.

Helen also shared that Binance Smart Chain, which will be live in early September, is compatible with Ethereum, and will be heavily involved with DeFi. At present, Binance testnet is conducting a stake war campaign to support BNB staking for the first time.

Towards the end of her speech, Helen also shared a few of her experiences working at Binance: 1. The interview process was challenging – spanning over four months and speaking with 10 interviewers; 2. Binance is extremely quick and nimble when it comes to taking in feedback from partners and users and quickly react with a solution; 3. Binance place a great deal of focus on grooming of talent and sponsors employees from all countries to hone their language and workplace skills among others.



(Onsite photo)

With more that 30 industry heavyweights speakers and over 500 attendees, the Global Blockchain Eco-Conference proved to be a great success.