The CEO of Binance has clarified that the platform has no intentions of offering stock trading services on its platform. Changpeng Zhao (CZ) said “We’re not running a fiscal broker store anytime soon.”
While crypto exchanges that offer stock trading features are not wrong, CZ made it clear that swapping equities doesn’t align with his company’s philosophy.
He further said that, “We are a pure Web3 company. We’re not going back, we’re moving forward.”
CZ also mentioned that Binance is contemplating a few companies as potential acquisition targets during the current bear market. However, none of those would revolve around the exchange of traditional equities.
Moreover, he said that the potential deals would be more ‘simple’ than a complicated loan structure or bailout.
“That is not to say that complex deals are bad. But my preference is always keep everything very simple, very straightforward, boil everything down to very basic core principles, and go from there,”
Commenting on the $500 million line of credit extended to bankrupt crypto broker Voyager Digital by Sam Bankman-Fried’s Alameda Research, he said “I would never do that type of deal.”