CZ Foresees ‘Existential Implications’ For Crypto-Deviant Traditional Firms
Cryptocurrency and blockchain technology are two of the most revolutionary innovations in the world today. As these technologies continue to evolve, they are revolutionizing how we think about money, finance, and economic systems.
Cryptocurrency and blockchain technology are quickly disrupting the traditional financial world, and this disruption has both positive and negative implications. Recently, Changpeng Zhao (CZ), CEO of popular crypto exchange Binance, commented on the implications of traditional finance resisting crypto adoption.
Long-Term Consequences
He believes that while there is likely to be resistance in the short term, this resistance could have dire consequences in the long term. The downfall of major crypto businesses, such as FTX and Terraform Labs, created a sense of skepticism among investors and made the traditional market reconsider their plans to enter the crypto sphere.
Despite the hesitation of traditional players to embrace crypto shortly, CZ believes that their hesitancy could be to their detriment in the coming two decades. CZ believes that traditional finance players who avoid adopting crypto within the next 10-20 years will be at a significant disadvantage and face potential extinction by then.
Crypto entrepreneurs like CZ agree that the recent crisis rocking the industry, notably the FTX crash, has set it back a few years. Nevertheless, they maintain that it is beneficial in the long run as regulators will examine the industry much more thoroughly, which is a positive thing in the end.
Furthermore, CZ also noted the immense potential for growth in the cryptocurrency space. He said that cryptocurrency and blockchain technology could revolutionize the banking system, create more efficient financial services, and eventually become the infrastructure for a global financial system.
Binance Revises Internal Policy
Meanwhile, Binance has revised its zero-tolerance policy on insider trading in response to increasing allegations. This move isn’t surprising given that there have been many allegations of insider trading against Binance staff members recently.
According to a Spokesperson, all personnel must wait 90 days before making investments, and sub-heads in the firm must report trading activities every quarter. This policy has been extended from the previous 30-day period that was in place in 2018.
While many consider CZ’s comments biased because he owns a crypto firm, events in the last decade in the crypto industry prove that he isn’t far from the truth.
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