Making a rare public appearance, Binance founder and crypto poster boy Changpeng Zhao (CZ) spoke at the Binance Fireside Chat at the Token2049 event in Dubai on Wednesday, wherein he discussed the problems his exchange faces while dealing with different governments and regulatory bodies worldwide.
Raoul Pal, co-founder and CEO of RealVision, who was a moderator at the Binance Fireside chat discussion, asked CZ how he opens up while dealing with different regulatory agencies worldwide.
To that question, CZ emphasized on a recurring problem his team faces when it comes to “localized” demands by the regulators.
“Many regulators still wanna regulate everything locally; they want local custody wallet solution, they wanna local order book, local team etc., and thats usually not the best way to go… Setting up secure custody solutions for billions of dollars of crypto requires a lot of money, resources, and expertise that we lack at that scale. If we have to do the same thing 200 times over, we don’t have enough people for it,” said CZ.
CZ was also in high praise about the United Arab Emirates (UAE), terming it as very pro-crypto, pro-business and one of the safest places on earth.
“Four years ago, in 2021, I came to the UAE based on my friend’s recommendation, who said that it’s a very pro-crypto country. I took a three week vacation in UAE and within the first week, I realized that this is the place I want to be. People over here are very pro-business and really pro-crypto, and ministers know exactly what is going on, they are very smart and very sophisticated. UAE is also one of the safest places on earth, despite the negative portrayal of the Middle East in Western media,” said CZ.
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