Binance doesn’t have any plans to start offering stock trading as the CEO Changpeng Zhao said he is committed to only providing Web3 services and eyes for potential acquisitions so let’s read more today in our latest Binance news.
Regardless of how many new users it can attract, Binance is not interested in offering options to trade stocks. The CEO Changpeng Zhao said that the crypto exchanges which offer these features are not right or wrong but he did outline that swapping equities doesn’t align with the company’s philosophy. Crypto companies endure a broad market slump which soon turned their focus to adding users with new features. FTX started offering clients a chance to trade stocks in accounts funded with stablecoins but CZ said in reference to FTX:
“Some exchanges want to go back to stock trading. We don’t have any plans on doing stock trading,” said CZ. “We’re not running a fiscal broker store anytime soon.”
While stock trading proves to be a lucrative market for retail investment platforms like Robinhood and Webull Zhao said he would rather see Binance focus on creating more Web3 tools:
“We are a pure Web3 company. We’re not going back, we’re moving forward.”
The CEO added that his exchange is looking for a few companies as a potential acquisition target during the bear market but that none of these will revolve around the exchange of the traditional equities. Zhao also suggested there are potential deals that will be more simple than a complicated loan structure:
“That is not to say that complex deals are bad. But my preference is always keep everything very simple, very straightforward, boil everything down to very basic core principles, and go from there.”
Binance doesn’t have any plans to offer stock trading and commented on the $500 million line of credit that was extended to bankrupt crypto broker Voyager Digital by Sam Bankman Fried:
“I would never do that type of deal.”
SBF bought a 7.6% stake in Robinhood and reported that he was interested in purchasing the stock and tradign app outright but he dismissed these rumors after saying there aren’t any active M&A conversations bout Robinhood happening.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post