Changpeng Zhao (CZ), CEO of Binance’s cryptocurrency trading platform, says his company is doing much better than the media is trying to make it out to be. The head of the firm denied the information that his exchange lost many users and suffered huge losses. He also confirmed that the organization had to spend about $ 1 billion to resolve compliance issues with regulators’ requirements on user verification.
CZ noted that the cryptocurrency exchange has been growing and expanding recently, covering more and more regions and users. Zhao assured us: that the information that 90% of the site’s customers had to be deleted due to failure to pass identity verification (KYC) is fake. Most of the company’s customers still use the service. He also stressed that the number and average amount of deposits on the platform have increased over the past few months.
According to the latest data, the market share held by Binance even increased in 2022. According to Zhao, the exchange is the leader among all trading platforms, and this advantage is growing steadily. The entrepreneur said: that resolving issues and finding common ground with regulatory authorities has become an essential milestone in the organization’s development. CZ expressed his confidence that his company will continue to evolve and offer cutting-edge products and services to its customers.
The businessman also said: Binance is still the largest holder of bitcoin balances among all centralized exchanges in the world. The number of transactions with the Ethereum cryptocurrency has also increased significantly due to low gas fees.