The crypto industry needs centralized systems in order to integrate with the traditional finance industry, according to Changpeng “CZ” Zhao, CEO of Binance.

The founder and CEO of the world’s largest crypto exchange by trading volume was responding to users’ queries for a video on Binance’s YouTube channel on Thursday. One user had stated: “The centralized organizations are always ready to f**k you up. #DeFi is the future.”
“If you think that, don’t touch any centralized systems,” Zhao said. “Stay in the decentralized world, all the power to you.”
Centralized systems are needed to help bring money into crypto from mainstream finance while also providing an exit route, he said.
Another user bemoaned the lack of platforms to trade crypto that don’t require know-your-customer (KYC) authentication, following Binance’s own regulatory challenges in this area in recent months.
“There are smaller platforms that don’t require KYC, but I would highly recommend you do not use those platforms,” Zhao responded.

What Do TradFi Crypto Moves Mean for Decentralization?

What Do TradFi Crypto Moves Mean for Decentralization?

04:20

What Do TradFi Crypto Moves Mean for Decentralization?

Decentralization in Focus

05:47

Decentralization in Focus

Lido Gearing Up For Ethereum's Upcoming Shanghai Upgrade

06:53

Lido Gearing Up For Ethereum's Upcoming Shanghai Upgrade

Rebuilding Trust in Crypto After FTX Collapse

11:08

Rebuilding Trust in Crypto After FTX Collapse

Read more: Binance Still Not Authorized to Operate in Ontario, Securities Commission Says

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.