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While many investors succumb to despair due to the psychological effects of short-term fluctuations, the situation is quite different. In recent months, numerous prominent figures have made dire predictions about the irreversible decline of cryptocurrencies. Conversely, during upward trends, we have witnessed the exact opposite, and we will likely continue to do so. So, what insights does the CEO of Binance have to share?
The Future of Cryptocurrencies
Following CZ’s departure from leadership in the United States, the company’s CEO has changed. The new CEO, Richard Teng, is quite different in style from CZ. Fortunately, CZ has reignited his interest in cryptocurrencies over the past few months, making his absence less palpable. However, it seems that Teng may remain in position for an extended period due to the U.S. agreements that blocked CZ’s return to the helm.
After accepting criminal charges in the U.S. in 2023, Binance has turned a new page in its operations. Teng stated in recent remarks that global cryptocurrency markets have improved significantly due to the changing stance of the U.S.
“Compared to many other jurisdictions, the U.S. is far ahead in this regard.”
Many countries seeking regulatory support for cryptocurrencies are collaborating with Binance. Although the company claims to provide consultancy services to numerous countries, it refrains from disclosing the list of these nations.
Teng believes that the U.S. embrace of cryptocurrencies will yield substantial long-term consequences. Many countries have already reached out to seek support for innovative steps they can take in this field. This signals a new era where cryptocurrencies have fully emerged and are recognized as a legitimate asset class globally.
The Future of Binance Exchange
Binance is now far more cautious. In 2021, CZ had already stated that they would adopt a proactive stance regarding regulations. Growing freely on a global scale during the gray area period of cryptocurrencies, the company managed to open a new chapter in nearly every country while facing the consequences of not taking national rules seriously.
Now, at least 20% of the company’s 6,000 employees work in regulation and compliance. This month, both Pakistan and Kyrgyzstan reported that Zhao had provided consultancy for the development of crypto regulations. The company has made significant advancements in this field.
“In fact, we’ve seen considerable communication from several governments and state-owned funds regarding the establishment of their own crypto reserves.” – Binance CEO
