Binance CEO Changpeng “CZ” Zhao in a Twitter AMA session on Wednesday shared his views and clear doubts related to Binance and other crypto topics. It includes lightning network, bitcoin mining plan, regulatory challenges in the U.S. and India, meme coins, and growing crypto adoption and favorable regulations in Hong Kong and the UAE.
Binance CEO Clears Air On Bitcoin Mining and Meme Coin
Regarding the integration of Lightning Network on crypto exchanges, Binance CEO believes eventually every exchange will have to support Lightning Network. Especially, it is crucial and makes total sense for Binance Pay and other different wallet services.
He turned down any plan of Binance to enter Bitcoin and crypto mining. Binance is not familiar with the mining business and there are several challenges including negotiating low electricity prices. Binance only operates a mining pool, which is different from a mining farm. A mining pool is a server that people the miners connect to and the mining pool operators.
“There’s many misconceptions about mining being energy intensive. I believe mining is very important, but it’s not something that’s in our core expertise.”
He criticized the US and India’s increasing regulatory challenges and inconvenience for investors, as well as banks restricting crypto transactions as there are still no clear rules and guidance related to crypto. While the US is working on regulations, India is lacking on that part and seeks a global common framework to regulate crypto.
Binance CEO believes people shouldn’t invest in meme coins and follows YouTubers asking for money or to invest in any cryptocurrencies. He has no interest in meme coins, NFTs, metaverse, and other related projects. Binance never lists any coins without proper due diligence, but other exchanges can list these coins. People should research and wait before investing in such projects.
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Crypto Hub in Hong Kong and the UAE
Binance CEO shared plans of expanding in the UAE and Hong Kong. The regulators in the UAE are crypto-friendly and seek to increase crypto adoption in the country. Crypto companies and exchanges are planning to shift to a crypto-friendly nation with better opportunities amid regulatory crackdowns in places such as the U.S., Canada, and Australia.
Hong Kong regulators have cleared their aim of making the city a hub, with many crypto exchanges already applying for licenses. Retail investors are also allowed to invest in top crypto including Bitcoin and Ethereum.
The crypto landscape in the U.S. remains confusing. Despite several presidential candidates promoting Bitcoin, the extent of support from them or the Congress remains low.
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