The Binance CEO criticized the regulation through enforcement and warned that the lack of regulatory clarity is even worse.
Changpeng Zhao (CZ), the founder of Binance, was speaking in a fireside chat during the Hong Kong Web3 Festival.
Chow Tell Ding Zhao of Hashkey Capital states that “lack of regulatory clarity is the worst. Having bad, restrictive crypto regulations is even better. And then having people who are not clear and then chasing people down with enforcement is really bad.”
The Binance CEO believes that regulators are pushing more people into crypto
In Zhao’s view, the regulatory push against cryptocurrency puts the industry in the spotlight. He says, “They’re trying to control cryptocurrency by closing banks, closing mandatory access, putting more restrictions in traditional financial markets, which is really driving more people into cryptocurrency, which is doing the opposite of what they want to do.”
the four days The event in Hong Kong welcomed more than 10,000 participants and 300 industry speakers, including Zhao.
However, he is optimistic about cryptocurrency regulations in the future. He believes that first edition regulations are often overly restrictive, and finding an improved balance will take time.
Zhao’s business has been in the crosshairs of regulators lately. Last month, the US Commodity Futures Trading Commission (CTFC) sued Zhao and Binance, alleging insider trading and violating derivatives trading rules.
Then the Australian Securities Commission revoked Binance’s derivatives license last week.
Hong Kong banks support cryptocurrencies
While Binance has had problems in some jurisdictions, Zhao believes others are more receptive. He is optimistic about Hong Kong as the country’s banks begin to support cryptocurrencies. He tweeted, “HK banks are starting to support cryptocurrencies. We will see more money moving there. USDT alone is worth $80 billion. More stablecoins to come…”
Hong Kong’s largest virtual bank, ZA Bank, aims to become the bridge between digital assets and fiat currencies. The development comes as the country’s chief financial officer, Paul Chan, believes it is “time for the city to invest in the Web3 digital economy.”
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