- We need balanced regulations.
- Security in development is important.
- Education plays a huge role in the industry.
“Having regulatory clarity is very important for the [crypto] industry to continue to grow,” CZ said while responding to Karen Tso, anchor of Squawk Box on CNBC. Regulations should support innovations while protecting users.
There is no need to have a loose system where hackers and fraudsters steal from users or an over regulated system that makes it difficult for the improvement of products and services, the CEO explained.
We are investing in security
When asked about the hacks the crypto space has faced recently, especially as it relates to the hack in the Binance ecosystem, CZ said that the hacker stole from a cross-chain bridge and not the Binance centralized exchange.
Between 80% to 90% of the stolen asset was frozen before the hacker could take the money out of the ecosystem, and we are still working with law enforcement agencies to retrieve the other assets, CZ added.
Law enforcement agencies are a major integral part of creating a safe crypto industry for all.
The Binance CEO also said that another important tool in securing the crypto space is helping developers create safer codes and more secure products. At Binance, the team is doing this by investing in security startups.
He highlighted the importance of education. Educating users about the potential risk in the crypto space is vital. CZ also spoke about his relationship with the media in terms of responding to criticisms about his leadership style and how Binance operates, the CEO explained saying neither Binance nor himself is distracted by it as they are focused on making Binance better for its users.
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