Binance CEO CZ pointed out the current negative impact on the Crypto & blockchain technology adoption and noted that the long term will not face a significant impact.
Changpeng Zhao (CZ) is the CEO & founder of the Binance Crypto exchange. Binance is the top-ranked Crypto exchange, in terms of 24 hours Crypto trade volume on this platform. Binance always remains in front in the industry to fight against new challenges, and to make services transparent to the world.
On 27 Jan 2023, Binance CEO took to Twitter to share his thought on the recent incidents that happened in the crypto sector over the last 10 months like the collapse of Terra (Luna), BlockFi, Celsius, Voyager Digital, FTX & more than 100 affiliated companies, Global Trading, etc.
CZ said that recently failed Crypto companies are impacting the adoption of Crypto & blockchain technology badly but these are for the short term only.
“Short term, they hampered crypto industry growth. But we are seeing recovery already,” CZ said.
Further CZ said that traditional financial companies will not go with this sector blindly, instead, they will follow a more cautious path to choosing blockchain technology introduction.
Binance CEO also noted that this situation may not remain the same and in the next one to two decades blockchain technology will be used as a basic tech behind traditional financial systems.
Along with CZ, other Crypto entrepreneurs also believe that such incidents are momentary & will not remain in existence for the long term because laws will be highly strict & enough to prohibit entry of the actors like FTX co-founder SBF, who misused the FTX customer’s fund for personal benefits.
In the last couple of months, it has been seen that US authorities as well as many government agencies from other countries showed significant interest in the crypto sector to bring highly strict rules to prohibit the potential scam that Crypto companies can do with their customers.