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According to Binance CEO, centralised systems will remain here.

3 min reading

In a New Year's video, Binance CEO Changpeng Zhao discusses Ponzi schemes, DeFi, and how Binance selects coins for listing.

Binance CEO Changpeng Zhao, or "CZ," replied to a series of selected Tweets from the Binance community in a facetious hot seat video to round out 2021.

The main message from the Chinese-Canadian business executive was that centralised exchanges like Binance would be viable in 2022 and ahead.

CZ stated in response to a packed tweet on the dark side of centralised finance and also the future of decentralised finance, “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 emphasized his statement by stating that the crypto is still in its infancy, susceptible to "hackers, Ponzi schemes, and scammers."

Keen viewers will recall the Squid Game token (SQUID), one of 2021's greatest rug pulls, which posted a 45,000 % return before dropping. Binance introduced an investigation into the token at the start of November to track down funds linked with the massive pump-and-dump.

When asked about his partiality towards some blockchain ventures, or even coins that, as per one Twitter user, are "totally fake," CZ clearly stated: “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 choice is an unresolved situation, centralised exchanges (CEX) have been subject to stricter supervision in 2021. Binance Turkey was lately penalised 8 million liras for non-compliance with money laundering rules, while CEXs overall came under inspection in August of this year.

Binance currently has over 90 million users globally, surpassing its group of "a couple of thousand Binancians" in terms of development. Binance's services will be available to more crypto fans around the world as a result of regulatory permits in Canada and Bahrain.

However, CZ will maintain his two favourite coins, Binance Coin (BNB) and Bitcoin (BTC), in his possession. He wishes everyone a Happy New Year and says he will "continue to work on Binance users' feedback in 2022," after reaching 36 on the Top 100 Notable People in Blockchain in 2021.

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