Binance CEO Claims Centralized Systems Are Here To Stay

The Binance CEO claims centralized systems are here to stay as he debated Ponzi schemes, Defi, and how his exchange chooses coins for listings as we can read further in today’s binance news.

In a video to round off the 2021 year, Changpeng Zhao as the Binance CEO claims centralized systems are here to stay. Reporting to a tweet about centralized finance’s dark side and the future of decentralized finance, he noted:

 “Today, we still need the centralized systems to integrate with the traditional financial industry so that we can bring the money into and out of crypto.”

He caveated the sentiment with a few references to the crypto market as being a nascent industry and prone to plenty of hackers, Ponzi schemes, and scammers. The readers will surely remember the 2021’s rug pulls like the one with the Squid Game Token that clocked in a 45,000% gain before dumping. Binance also launched an inquiry into the token to trace the funds that were associated with the pump-and-dump scheme. When prompted about his favoritism about certain blockcahin projects or coins, he noted:

“Binance lists about six or seven hundred coins out of probably 6 million coins. So only one in 10,000 coins that’s ever created gets listed on Binance. That’s about 0.01%. It is a very small number.”

While coin selection is a huge issue, the tighter management of the centralized exchanges was rife during 2021. no strangers to compliance, the exchange in Turkey was fined 8 million liras for noncompliance against money laundering while the CEX’s as a while came under pressure during August this year. In terms of growth, Binance now numbers more than 90 million users worldwide and this year will surely go out with a bang as the regulatory approvals in Canada and Bahrain will bring Binance services to more crypto enthusiasts across the globe. CZ in the meantime will continue to hold his two favorite coins Bitcoin and Binance Coin.

Also as recently reported, Binance is the world’s biggest crypto exchange in terms of trading volume and it isn’t authorized to operate in Ontario according to the province’s securities regulator. The Ontario regulator notified the investors that binance is not registered under securities laws in the province.