In a fast-paced crypto industry, nothing seems to be impossible as several inventions come out from the necessities of the needs of the community. Speaking at the Crypto Finance Conference, St. Moritz, Switzerland, Changpeng Zhao (CZ), the CEO of Binance, forecasted that there will be a decentralized exchange bigger than Binance in the next decade or more.
The CEO noted at the conference that things will not remain the same as a lot of innovations will spring up in the industry in the coming years. For the business Binance is involved in, he said that although it’s a very profitable venture that is huge, “but it is not going to last forever”.
Making a comparison with the fallout of Kodak from the photography industry, he added that Binance does not have to be another Kodak. “We want to disrupt ourselves rather than other people disrupting us,” he added. CZ also revealed that the crypto giant wants to grow its workforce by 15% to 30% in 2023.
Progress and “fallouts” with Binance in 2022
At the close of 2022, Binance had very significant figures ranging from educating 26 million users on crypto, visiting more than 73 universities around the world, to gaining a license in 14 countries across five continents in the world, serving 120 million users. The number of licenses increased recently with Sweden allowing the exchange to serve her citizens.
However, the collapse of FTX was blamed on CZ and the company he leads, Binance. Some of the reasons behind the allegations include that Binance opted out of the initial deal it made to buy the company as well as some of the tweets CZ made about SBF and FTX.
While all of these are happening, reports from investigations have shown that the company, FTX, was allowed down before it was made known to the public after which SBF was arrested. John Ray III, the current CEO of FTX, who was employed to manage the situation as a fund recovery expert, explained that the company didn’t keep records, and illegally appropriated customers’ funds without controls.
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