He emphasized that these institutions are not a threat to Binance but are welcomed into the industry. According to him, their presence will be beneficial to the entire crypto industry.
In recent months, traditional global financial firms such as BlackRock, WisdomTree, Valkyrie, and Invesco in the US have shown increased interest in the crypto industry. They have even applied for Bitcoin ETFs.
HSBC has recently launched its first Bitcoin and Ethereum ETFs in Hong Kong. Meanwhile, Deutsche Bank in Germany has filed for a crypto custody service, and the French bank Caceis has received approval to offer crypto custody services in France.
CZ, the CEO of Binance, highlighted that the entry of traditional companies into the crypto market will provide more coverage for users.
This is significant because many individuals and companies seeking to enter the crypto market rely on these established firms as their investment vehicle, rather than relying solely on pure crypto platforms like Binance.com and Binance.US.
CZ also pointed out that the entry of these legacy firms will inspire innovation and competition within the industry, as more services are being created to meet the growing demands of users.
Binance and SEC, Binance’s sixth anniversary, and the next bull run
When asked about legal battles with the SEC, the next bull run, and the upcoming sixth-anniversary celebration of Binance, the CEO mentioned that he cannot disclose specifics about the case with the SEC as it is already public knowledge. He expressed confidence that all legal matters will be resolved promptly.
He stated, “I think there’s more than enough public coverage on it. So you can also reference other lawsuits that are ongoing including the Ripple lawsuit case which has been happening for multiple years.”
Acknowledging the response from the listeners, he expressed Binance’s commitment to improving the crypto industry and monitoring the progress of other blockchain projects like Ethereum and Bitcoin.
With the exchange’s sixth anniversary approaching and anticipation for the next bull run building up, CZ advised users to conduct thorough research before investing in any crypto project.
He emphasized that even though the bull run is anticipated, no one can accurately predict market behavior during this period.