Binance CEO tells crypto industry to focus on fundamentals

Binance CEO Changpeng Zhao (CZ) urged the crypto industry to focus on the underlying technology of cryptocurrencies rather than getting caught up in the hype and money surrounding the sector.

Binance, the world’s largest crypto exchange by trading volume, has recently come under scrutiny after accounting firm Mazars retracted the company’s “proof-of-reserves” report, which aimed to verify the exchange’s holdings.

“In our industry, we’re so close to the money… So many people get distracted by that, and that’s all they focus on. When the tide recedes, all the hype goes away, and it’s the fundamentals that matter.”

CZ, Binance CEO.

Zhao also emphasized the need for steady, gradual development of crypto as a new default payment system to avoid causing major disruptions.

“We actually need to proceed slowly and carefully and steadily, so that we don’t cause major disruptions. It’s not about any single coin, blockchain or exchange, it’s the fundamental technology that’s being evolved and will continue to evolve.”

CZ, Binance CEO.

Last week, Binance admitted that its stablecoin, BUSD, was not always fully backed by reserves.