Binance CEO’s Bull Statement and Analysis of Cryptocurrency Lawsuits

Bitcoin price is currently trading at $25,892, and losses in altcoins continue in general. Typically, prices remain stable over the weekends, and BTC is no exception. Although there is a possibility of recovery on Monday due to the holiday in the US markets, negativity prevails for now due to 4-hour closings below $26,000. So what did Binance CEO say?

Binance CEO’s Bull Statement

CZ, the CEO of Binance, the largest cryptocurrency exchange in terms of volume, recently participated in an AMA session, as we reported a few days ago. You often see these AMA sessions on altcoins and the X (formerly known as Twitter) accounts of exchanges. These sessions, usually held in the form of live broadcasts on platforms like X Space, Telegram, or Discord, resemble investment meetings. The CEO or high-ranking official of the exchange or project is asked questions about the past, present, and future. Its acronym can be translated as “ask me anything.”

On September 1st, Binance CEO CZ participated in the September AMA session. Here, CZ shared his predictions about the future of DeFi. While we announced his remarks about the growth potential, it might be useful to delve into more details.

“I think the more decentralized the sector becomes, the better. DeFi is the future, with a volume between 5% and 10% of CeFi (centralized finance) volume, not small. In the next crypto bull season, decentralized exchanges can surpass CeFi platforms like Binance.”

Indeed, based on this view, Binance has invested in more than 4 DeFi platforms through Binance Labs in the past few months.

Cryptocurrency Lawsuits

CZ also shared his views on the recent dismissal of the lawsuit against the decentralized protocol Uniswap. According to him, this decision was extremely logical, reasonable, and clear. US judiciary is adopting a more lenient attitude towards cryptocurrencies these days. Perhaps the negative discrimination of regulators is making the current situation appear better than it actually is?

On August 30th, a US federal court dismissed a class-action lawsuit filed by plaintiffs who claimed to have lost money due to fraudulent tokens on the decentralized cryptocurrency exchange Uniswap. The judge dismissed the case because both parties could not identify the identities of the fraudsters. Instead of filing a lawsuit against the scammers for making illegal demands, the plaintiffs were suing the defendants for “what they said on social media.”

During the AMA session, someone reminded the judge’s decision that developers cannot be held responsible for the misuse of their platforms, and they believed that this was good news for DeFi creators in the industry. CZ said the following:

“Developers write code, and code is freedom of expression. This development is really good. Every country needs cryptocurrency, some countries need it more urgently than others. There may be less need in developed countries. However, if they want to maintain leadership in financial innovation, they will have to embrace it.”