Did CZ really practice the answer given back then?
Written by: Alvis
On September 28, Binance founder Changpeng Zhao (CZ) sent out a short "GM" tweet. Then, on September 29, he published a long article expressing his gratitude to his followers and supporters, and revealed that Binance is still thriving without his direct supervision. In the future, he will continue to invest in blockchain, decentralized technology, artificial intelligence and biotechnology, and is also writing a book. All this has sparked heated discussions throughout the crypto world, as if announcing his strong return.
Back on June 29, 2018, MarsBit conducted an exclusive interview with Binance founder Changpeng Zhao (CZ) titled "Ten Questions from Wang Feng". At that time, CZ had just founded Binance Exchange for a year, and he was listed as a billionaire on the Forbes Cryptocurrency Rich List. Binance's valuation was as high as $10 billion, and its spot trading volume also ranked first in the industry.
However, the strong rise of a new generation of exchanges represented by trading and mining has made the competition in digital currency exchanges more intense. MarsBit (Mars Finance) invited CZ, the CEO of the crypto trading giant, to reveal the industry’s predicament, market competition and future strategies during a conversation.
Six years have passed in the blink of an eye. The crypto world has experienced ups and downs, many projects have risen and fallen, and new things have emerged one after another.
When we witnessed the Luna crash and FTX bankruptcy, we found that many of CZ's views were not only forward-looking, but also showed his ability to see and solve problems from the industry's perspective. The ten questions to CZ back then have now been given a deeper meaning. So, did CZ really practice the answers he gave back then? Next, let's take a deeper look at the revelations behind these questions.
Question 1: Binance expands globally, from Uganda to globalization
MarBit (Mars Finance) asked at the time: Why did you choose Uganda as the first stop for Binance fiat currency trading? Can fiat currency trading bring more traffic to digital assets, or just trigger an asset bubble?
CZ: Many people are eyeing developed countries where it is easy to make money, but Binance wants to dig deep into the industry and popularize blockchain and digital currency around the world at its own pace. I believe that the channels for transactions between fiat currencies and cryptocurrencies should be opened as wide as possible, so that more people can enter or exit freely. We did have very in-depth communication with Uganda's financial regulators, and they are very supportive of this. In fact, with our efforts, more and more countries and regulatory authorities should support digital currencies, so that the entire industry will grow.
In an interview in 2018, when CZ chose Uganda as the first stop for Binance’s fiat exchange, some people were surprised by this choice. However, this choice shows the unique vision of CZ’s globalization strategy: Binance has been focusing on promoting the development of digital currencies worldwide from the beginning, not just in developed countries.
In 2018, Binance launched a fiat exchange in Uganda and worked closely with local regulators and financial institutions to ensure compliance. In addition, Binance launched new products in Russia and established connections with local Russian partners to promote the use of digital assets.
In 2020, Binance further increased its investment in the African market, especially in South Africa and Nigeria, launching localized versions of the Binance exchange to enhance user experience. At the same time, Binance also cooperated with Brazilian fintech companies to begin exploring the potential of the Latin American market. Addition of fiat currency channels: Binance has added support for up to 15 fiat currencies, including the UAE dirham, Australian dollar, and euro, through cooperation with partners such as Etana Custody. This enables users to conveniently make fiat deposits through SWIFT transfers.
In 2021, Binance announced a partnership with financial institutions in Argentina and Chile to promote the use and popularization of digital currencies. CZ has also frequently mentioned at multiple international conferences that Binance will continue to focus on emerging markets and promote digital currency education and popularization worldwide.
In 2022, Binance further expanded its global layout and cooperated with the financial regulator in the UAE to obtain a license for legal operations. In addition, Binance is actively promoting compliance processes in countries such as India and the Philippines, and has established good communication channels with local regulators to promote the healthy development of digital currencies.
Six years later, Binance has business coverage in more than 100 countries around the world. Binance's global layout follows local regulations and has obtained regulatory approval in multiple jurisdictions. In addition, Binance has established offices in multiple regions around the world, such as Abu Dhabi, Bahrain, Dubai and Paris, to better communicate with local users and regulators. Binance also recruits compliance talents globally, including senior executives from leading financial institutions such as Morgan Stanley and Kraken. In addition, Binance has launched an independent platform Binance.US in the United States to comply with local regulatory requirements. Binance's new CEO Richard Teng emphasized the importance of a global regulatory framework and said that as the industry develops, more standardized regulatory convergence is expected.
In general, CZ's strategy of "first pioneering, then cultivating" has enabled Binance to quickly become the world's leading exchange by constantly adapting to and responding to changes in the regulatory environment in different countries and regions.
Question 2: Exchange Wars, Competition and Sustainable Development
MarBit (Mars Finance) asked at the time: FCoin, which features "trading is mining", claimed to have reached the first place in trading volume in just 15 days, and "the trading volume is the sum of the second to seventh". What is your first reaction to its market performance? How does Binance view the exchange war brought about by "trading is mining"?
CZ: For any business model to be successful, it must be sustainable. Don’t worry about the threat they bring. The final competition depends on products and services. Affected by the relationship between supply and demand, the transaction-as-mining model will fall into a vicious cycle. It is not easy to last this long.
Zhao Changpeng pointed out the sustainability issues facing many exchanges in a straightforward, concise and powerful way. Looking back now, one can't help but sigh that his prediction came true.
In 2020, FCoin announced the closure of the exchange, and its founder Zhang Jian was accused of suspected fraud. Similarly, BitMax adopted the transaction mining model in 2019, but with the dramatic changes in the market environment and the weakening of user trust, the platform encountered a liquidity crisis in 2021 and had to adjust its business model to maintain operations. Although it has not yet completely collapsed, BitMax's market share and reputation have been hit hard. Similarly, CoinTiger introduced the transaction mining mechanism in 2018. Although it attracted a considerable user base in the early stage, as time went on, the transaction volume and user activity dropped significantly, and it was eventually forced to close in 2022, failing to maintain the sustainability of the business model. It can be seen that many exchanges based on the transaction mining model eventually ended in failure.
In sharp contrast, Binance's success reflects the long-term value of focusing on products and services. During this period, Binance continued to launch new trading pairs, options, contract trading, as well as liquidity mining and DeFi products, providing users with a variety of service options. Facts have proved that any business model must be sustainable to succeed, and the ultimate competition among exchanges still depends on products and services. CZ's keen market judgment and prudent strategy have made Binance as stable as a rock in the fierce competition among exchanges.
Question 3: Binance maintains a low IPO price drop rate
MarBit (Mars Finance) asked at the time: How does Binance maintain a low IPO failure rate and attract high-quality projects?
CZ: The most important thing is to have a brand effect. What you do must be positive to form a positive energy cycle. Strict review is the second link. Binance's coin listing team works day and night to research projects. Even so, they will make mistakes, but the number of mistakes should be the least. Treating industry veterans equally has offended many people, but Binance's principle of protecting users first will never change.
CZ mentioned in an interview that year that Binance’s coin listing policy is extremely strict, and the review team pays attention to team strength, product quality and community feedback. This rigorous review system has attracted many high-quality projects to Binance in the past six years.
In 2019, Binance launched Launchpad, allowing blockchain projects to raise funds through initial exchange offerings (IEOs).
In 2020, Binance launched several popular currencies, the most popular of which was Dogecoin (DOGE). Although Dogecoin was launched as early as 2013, it regained huge attention in 2020 due to social media promotion and community support, and gained trading support on Binance.
In addition, Binance has also launched some other popular currencies, such as Chainlink (LINK) and Yearn.finance (YFI). In particular, Chainlink, as an important project in the DeFi field, received widespread attention in the "DeFi Summer" of 2020, and its price also rose sharply.
In 2021 and 2022, projects such as Polygon (MATIC), Axie Infinity (AXS), and StepN were listed on Binance and quickly became star projects in the crypto market. Those vibrant and exciting moments are still vivid in my mind.
Binance has established a strong brand reputation in the market and has become the preferred listing platform for project parties and investors. If you want to obtain the maximum liquidity, it is undoubtedly wise to choose Binance. However, this phenomenon has caused Binance to encounter a lot of turmoil in 2024.
At the beginning of 2024, the market was generally ready for a bull market, but Binance launched a number of high FDV tokens one after another. Subsequently, Bitcoin failed to effectively break through 73,000, the market fluctuated downward, and the market value of altcoins hit new lows. Newly launched Binance tokens such as AEVO, W, and STRK fell by as much as 90%. The anti-VC wave spread in the crypto circle, and many old users accused Binance's listing policy of affecting the liquidity of this round of bull market.
In September, Binance continued to list some small-cap coins, such as the NEIRO token, which has a market value of less than $15 million and only a few thousand community members. This move caused dissatisfaction in the market, and some even questioned Binance's internal trading behavior. In this context, He Yi stepped in to stabilize the situation, emphasizing that Binance's listing process is strict, and the core principle is to select projects with a user base, continuous development and solid business logic, and denied any internal trading issues.
In the current market environment, Binance has gone beyond the scope of traditional exchanges and has become a symbol of user expectations and aggregation, an industry benchmark, and has great influence. Therefore, every move it makes has attracted much attention. This also explains why other trading platforms have received a lukewarm response when launching MEME or TG game tokens, while Binance's similar moves have caused widespread controversy.
At present, Binance seems to be caught in a dilemma: launching infrastructure tokens may be accused of deviating from the community's position and supporting VC; while launching MEME tokens may be seen as lowering listing standards and manipulating the market. If it chooses to maintain the status quo, it may be criticized for lack of innovation and inability to lead the development of the industry.
Despite facing numerous doubts, Binance remains a leader in the ecosystem. In the ecological network, differences between users and managers gradually emerged, internal and external uncertainties became the fuse, and even offensive remarks were made against He Yi himself.
Nowadays, new coins launched on Binance can no longer guarantee a low break-even rate, and I don’t think any exchange can do this. I hope CZ, who has been released from prison, can give a new answer.
Question 4: What crises has Binance encountered?
MarBit (Mars Finance) asked at the time: What difficulties did Binance encounter when expanding from China to Japan and then globally?
Zhao Changpeng commented on Bermuda shorts: They are very formal to wear, and feel comfortable and organized
CZ: Our team is a very international team. In fact, when we were in China, we also had teams in other countries. I have lived in many countries since I was a child, so I have no problem with changing places. I think what is more important to me is that we must understand the international user habits and international culture. This is very important. This is the most important part of our ability to cross the international arena. The earth is my home. When Elon Musk turns humans into intergalactic, our scope can be a little larger. I think most Chinese people may only look at China. In fact, the world is quite big. If you walk around the world, you will find that most countries now want to attract blockchain companies and digital currency exchanges. In fact, it is not that these small countries have fewer resources, but that they are small countries that react faster. Their internal departments coordinate and act faster. In this round of changes, they should have a very strong advantage.
In May 2019, Binance Exchange suffered a major security incident, in which hackers successfully obtained user account information and transferred more than 7,000 bitcoins, amounting to $40 million. Faced with the crisis, Binance quickly took measures to suspend withdrawals, launch an investigation, and promised to use a security fund to cover user losses in order to restore trust.
In June 2021, Binance was banned by the UK Financial Conduct Authority (FCA) from providing regulated services in the UK, which had a serious impact on its market operations and attracted the attention of other regulators around the world.
In 2022, Binance announced that it would move its headquarters to the UAE in response to regulatory changes in the global crypto market and enhance its expansion in the Middle East and North Africa.
In November of the same year, Binance witnessed the collapse of the FTX exchange. FTX was reported to be facing a liquidity gap of up to $8 billion, and Binance was shocked by the huge hole in its financial situation when conducting due diligence on FTX. Although Binance initially wanted to support FTX's customers and provide liquidity, it ultimately decided not to pursue a potential acquisition of FTX because its problems were beyond Binance's control and capabilities. This incident, like the "Lehman moment" in the crypto industry, once again triggered deep doubts about centralized trading platforms. In order to rebuild industry confidence, Binance promised to publicly disclose auditable Merkle tree reserve proofs within a month. The call for strengthened supervision within the industry has once again risen, and this incident is also considered a landmark historical moment in the standardized development of the crypto industry.
Binance announced plans to hire 1,000 people in 2024, many of whom will be designated as compliance positions to meet increasingly stringent regulatory requirements. CEO Richard Teng pointed out that Binance's annual expenditures exceed $200 million in meeting US regulations. Binance plans to have more than 700 compliance employees by the end of 2024, up from about 500 currently.
In the past six years, Binance has faced drastic changes in regulation and policy around the world, especially compliance challenges in developed countries such as Japan, the United States and the United Kingdom, which forced CZ to adopt a quick response strategy. CZ's phrase "The Earth is My Home" shows his flexible and changeable global strategy. He maintains close contact with governments and regulators in many countries, allowing Binance to always maintain a diversified global strategic layout and no longer rely on a single market.
CZ resolutely chose to endure imprisonment in 2024. The persistence and resilience he showed made people believe that Binance will no longer be afraid of the next crisis.
Question 5: He Yi in CZ’s eyes
MarBit (Mars Finance) asked at the time: How did you convince your old partner He Yi to join Binance? What do you think of the "No. 1 lady in the cryptocurrency circle"?
CZ: In my eyes, He Yi is someone who "could have made a living with her looks, but chose to fight for her ideals." And it's not her personal ideals, but her ideals of really wanting to do something meaningful. From the very beginning, I knew there would be no problems with the cooperation between the two parties. I can't do what she can do, and I don't have the abilities she has. I always look for people who are more awesome than me, and give them space, responsibilities, and rights. We have the same philosophy, so it's easy.
In July 2017, Binance launched its own platform token BNB with an issue price of 1 yuan. However, shortly after the launch, the price of BNB fell below the issue price to 0.5 yuan, causing Binance to face fierce criticism. He Yi recalled that this period was the most stressful period for CZ, and he lost 10 kilograms in three weeks. After He Yi joined Binance, the price of BNB quickly recovered, the trading volume surged, and even squeezed into the tenth place in the world. Half a month after joining the company, the price of BNB soared from $0.15 at the time of ICO to $2.57, an increase of more than 20 times.
In March 2018, Binance Exchange was hacked. He Yi actively participated in crisis public relations and communicated in a timely manner through social media to ensure that users received transparent information.
In 2019, in order to promote the newly launched contract products, He Yi debated with competitors such as Huobi and OK in a WeChat group, which became a rare lively scene in the cryptocurrency circle that year.
In 2020, He Yi made several eye-catching remarks in media interviews. In response to questions about Binance's donation of all listing fees, she said: "It is Binance's freedom to decide where to donate the listing fees." Regarding the accusation that Binance's ICO was illegal, she said: "CZ did not specifically consider the Chinese market, which reflects our lack of Eastern wisdom."
In 2022, Binance was investigated by the U.S. Securities and Exchange Commission. He Yi actively participated in communications with the SEC, working hard to demonstrate Binance's compliance and ensure legal operations in the U.S. market.
In 2023, He Yi participated in Binance's expansion plans in Latin America, especially in Brazil and Argentina, working with local partners to launch localized products while promoting user education activities.
On April 30, 2024, CZ submitted a letter to Judge Jones, who was in charge of the case, on the eve of the verdict, sincerely expressing his apologies for his actions and admitting that he should bear full responsibility. In this letter, He Yi's handwritten letter is particularly eye-catching. The letter is three pages long and conveys her deep feelings for CZ and Binance affectionately. He Yi recalled the ten years of ups and downs she and CZ had experienced together, especially the six years of building Binance together. Some little-known details mentioned in the letter vividly show the common journey of CZ and Binance. Many industry veterans expressed their deep feelings on social media, saying that "although many things have changed, Sister Yi is still your Sister Yi."
Today, Binance's official website comments on He Yi: "Binance's growth into the world's largest cryptocurrency exchange is inseparable from the business strategy created by the team led by He Yi. She transformed Binance from a coin-to-coin trading platform into a global blockchain ecosystem, enabling it to break through the fierce competition and occupy more than 60% of the market share. Her strategic vision and employment strategy are crucial to any enterprise."
Question 6: Practicing behind closed doors, Binance’s trading system
MarBit (Mars Finance) asked at the time: Why are you so interested in trading platforms? Where does your understanding of trading come from?
CZ: I was actually quite lucky. I was exposed to the corresponding trading system when I was in college, so I have been working in the industry where finance and technology converge. I think trading is the blood and heart of an economic system, and exchanges should be more like the heart, so you can directly see its impact on the entire economy.
Trading platforms must have bottom lines, not participate in transactions, not manipulate the market, and provide users with a fair trading environment. This is what we have been doing, but our values are to protect users. Users are members of our community. What I will do is to run an exchange. I know how to run a very fair exchange. We want to make this industry right.
In 2019, Binance focused on global expansion while obtaining necessary regulatory approvals in new markets. This move demonstrated its commitment to compliance and transparency, in line with local laws, and ensuring a fair trading environment free of market manipulation.
In 2020, Binance introduced additional security features to protect user accounts and transactions, which is essential to maintaining a fair trading platform. The Security Asset Fund for User Funds (SAFU) was established to protect user funds in extreme cases and further ensure a fair and safe trading environment.
In 2021, Binance released a series of transparency reports detailing how it operates and how it handles listing processes and market events. These reports are part of an effort to educate users about the inner workings of the exchange and promote a transparent relationship with the community.
In the 2022 Luna crash, Binance took a number of measures to ensure the fairness of the platform's transactions, did not engage in transactions or market manipulation, and strived to provide users with a fair trading environment. After this incident, Binance strengthened its market monitoring to better monitor and respond to possible similar situations in the future. This includes improving its market monitoring system to detect and prevent potential manipulation.
In 2023, Binance strengthened its interaction with the community, directly collecting user feedback through social media platforms and other channels, and promptly resolving problems encountered by users during trading.
These measures not only reflect Binance's emphasis on user and market responsibilities, but also highlight its unremitting efforts to maintain trading fairness and market order. Through these continuous efforts, Binance hopes to shape a more fair and transparent trading environment and further consolidate its position as the world's leading cryptocurrency exchange.
Overall, these initiatives and strategies of Binance demonstrate its determination to promote positive development of the industry globally and emphasize the key role and responsibility of an exchange in the market. As Binance continues to advance these core values and principles, it sets a new standard for the healthy and long-term development of the cryptocurrency industry.
Question 7: Public chain performance is the future, and it will take time for DEX to replace CEX
MarBit (Mars Finance) asked at the time: Why develop Binance Chain? What is the concept and progress of decentralized exchanges?
CZ: Public chains will definitely be a trend in 5, 10, or 20 years, so we will not give up on really good models. We embrace change and innovation. Currently, the performance of public chains is not fast enough. In the short term, large transaction volumes should still be on centralized trading platforms. It may take a few more years for decentralized trading platforms to become mainstream.
In 2018, CZ showed great expectations for decentralized exchanges (DEX) and firmly believed that this model will lead the future financial trend. However, the performance and liquidity issues of the public chain at that time significantly limited the rise of DEX. With the continuous advancement of technology, especially after the launch of Binance Smart Chain, decentralized exchanges have ushered in new opportunities.
In September 2020, Binance launched Binance Smart Chain, which is designed to support smart contracts and decentralized applications (dApps). The launch of BSC quickly attracted many projects and became an important player in the DeFi ecosystem.
With the rise of DeFi in 2021, Binance Chain has developed rapidly and become one of the most popular blockchains in the market. Many DeFi projects and NFT platforms have settled in, promoting the widespread use of BNB.
In 2022, Binance Chain was renamed BNB Chain. The integration promoted the further expansion of the ecosystem and emphasized the concept of decentralization and multi-chain. BNB Chain began to carry a wider range of applications, including GameFi, SocialFi, and Metaverse projects, and is committed to building a comprehensive virtual ecosystem. Among them, PancakeSwap quickly became the largest decentralized exchange on the BNB chain, winning the favor of a wide range of users.
PancakeSwap is known for its efficient and convenient token exchange experience, where users can easily trade without intermediaries. The platform's core features include liquidity pools, where users can deposit assets to earn transaction fees, and support for yield farming, which allows users to earn additional income by staking tokens.
DEXs on other chains have also made significant progress over the past six years, further proving CZ’s vision. Uniswap, for example, has solidified its leadership position in the DeFi ecosystem by centralizing liquidity and cross-chain scaling, with transaction volume exceeding $1.5 billion per day in 2024. At the same time, Curve Finance focuses on stablecoin trading and has become the first choice for users with low slippage and efficiency, with daily trading volume reaching $139 million. In addition, SushiSwap and dYdX have continued to attract users since their launch, making a splash in 2021 and becoming important components of decentralized finance. Raydium is the largest DEX in the Solana ecosystem. With the craze of meme coins in 2024, transaction volume has hit new highs, greatly improving market liquidity and transaction efficiency.
All of this not only demonstrates CZ’s deep insight into the future of decentralized finance, but also demonstrates his foresight driven by technological progress. It is this unique vision that has enabled CZ and Binance to always be at the forefront of the rapidly developing DeFi field, laying a solid foundation for the rise of decentralized finance.
Question 8: There is no point in falsifying exchange data
MarBit (Mars Finance) asked at the time: There are articles pointing out that China’s virtual currency exchanges are all falsifying trading volumes?
The exchange moves forward amid doubts
CZ: But I think users are smart. Whose trading volume is real or fake, including the issue of fake volume, users should know this in their hearts. People are not stupid. I think there are too many fake volumes now, which is not good for our industry. It makes our industry look fake. The real strong will not call themselves the best every day. In the context of non-trading purposes, the more correct expression is that we don’t care about being the first. We care more about how much infrastructure we have done for this industry, rather than harvesting. In fact, it’s not about being the first, but doing things well. It doesn’t matter which one you are. Moreover, all the rankings now have some flaws, and rankings are also very difficult to do, so it really doesn’t matter.
CZ expressed his profound views on the issue of fake exchange trading volume in 2018, emphasizing the wisdom of users and the negative impact of such behavior on the entire industry. He pointed out that the real strong will not show off their status, but focus on the infrastructure of the industry rather than short-term "harvesting" behavior.
In the past six years, many exchanges have suffered serious consequences for falsifying trading volumes, and some have even gone bankrupt.
Bitfinex was accused in 2019 of manipulating the market to boost trading volumes and prices through its relationship with its parent company Tether. While Bitfinex denied the allegations, the incident attracted widespread attention, causing many users to question its transparency and compliance.
At the end of 2021, FTX was exposed for having problems with financial opacity and fake trading volume, even though FTX was a leader in the industry before that. In 2022, the exchange collapsed due to a liquidity crisis, triggering massive turmoil in the crypto market. This incident not only resulted in the loss of hundreds of millions of user assets, but also made the industry and the outside world reflect more deeply on the compliance and transparency of exchanges.
Coinbase was accused of "wash volume" in 2022, and some analysts pointed out that its trading volume data may have been artificially inflated. Although Coinbase publicly denied these allegations, the incident once again sparked widespread discussion on the authenticity of crypto exchange data.
These incidents not only highlight the prevalence of fake trading volume on exchanges, but also reveal the harm this behavior does to users and the entire industry. As supervision continues to strengthen, the industry's requirements for transparency and compliance are becoming more stringent.
CZ’s insights are still relevant today, highlighting the importance of building trust and transparency to drive healthy growth across the industry.
Question 9: CZ’s personal style, from behind the scenes to a leader on stage
MarBit (Mars Finance) asked at the time: Why does CZ always seem mysterious and low-key?
CZ: I am a technical person, so I still have a lot of practical work to do. I have a lot of things to do, so I have less time. The interviews that triggered the news have nothing to do with me personally. It is mainly because our brand is well-known. Another reason is that the domestic news is often full of arguments and debates. I generally don’t like to participate in these discussions. I like to participate in technical discussions that are helpful to the industry.
Once a low-key person, CZ has gradually become the spokesperson for Binance in the past few years. He frequently appears at various international summits and on social media to express his views on market trends and regulatory policies. He is not afraid to speak publicly and speaks out about market trends and competitors. As Binance becomes the leader of global exchanges, CZ has also transformed from a "tech geek" to a global industry leader.
In 2019, CZ spoke for the first time at the Singapore Fintech Festival, where he talked about the potential of decentralized finance and encouraged the industry to adopt new technologies. This appearance marked the beginning of his move from behind the scenes to the front stage, demonstrating his influence in the industry.
Entering 2020, CZ actively participated in discussions at the Blockchain Summit, shared his vision for the future development of Binance, and emphasized the importance of globalization and compliance. He pointed out: "We must adapt to the changing regulatory environment, which will be the key to our success." His speech further consolidated Binance's leadership in the market.
In 2021, CZ gave a speech at the Consensus conference, calling for greater transparency and trust in the cryptocurrency industry. He proposed the concept of "community trust", believing that this is the core driving force for the development of the entire industry. This year, CZ frequently appeared in various media interviews, actively responded to market fluctuations, and demonstrated strong market control.
In 2022, CZ’s influence has reached unprecedented heights. After a series of events such as the Luna collapse and FTX bankruptcy, CZ is still active on Twitter Spaces, actively responding to community concerns. He emphasized Binance’s efforts in compliance and user protection, effectively restoring the confidence of the majority of crypto holders. His phrase "If you can’t hold, you won’t be rich" quickly became his synonym, conveying an unwavering investment belief and inspiring every crypto holder in the bear market.
This series of public speeches and appearances not only reflects CZ’s growth and change, but also marks his leadership in the crypto industry. As Binance continues to grow its dominance in global exchanges, CZ’s unique vision and strategic thinking have laid a solid foundation for the rise of decentralized finance.
Question 10: Binance has no IPO plans
MarBit (Mars Finance) asked at the time: Will Binance choose a traditional IPO or move closer to traditional finance?
CZ: We have no plans for an IPO. The IPO in the traditional financial industry has become a tool for financing or early investors to get out of trouble, so I don’t want to do that. It should be said that it is a tool for VCs to get out of trouble. We don’t have VC investors. Blockchain has brought us to the next era.
Over the past six years, CZ has mentioned the topic of IPOs many times, always maintaining his critical views on the traditional financial model. In 2019, he emphasized in an interview that Binance will continue to focus on technology and user experience rather than chasing short-term financing.
Over time, CZ mentioned in several public occasions in 2021 and 2022 that Binance was not planning an IPO, especially in the face of the changing market environment and compliance challenges in the crypto industry. At this time, he once again expressed his cold attitude towards IPOs, believing that this is no longer a key indicator of a company's success. The emergence and development of blockchain has enabled companies to operate in a more flexible and decentralized manner, making IPOs, a traditional financial tool, obsolete.
CZ believes that blockchain technology is driving us into a new era, giving users and businesses greater freedom and innovation. This series of speeches and positions reflects his firm belief in the potential of blockchain technology and his foresight as a leader in industry change.
All the past is gone, let’s look at the heroes of today
History is a mirror that can help us understand the rise and fall of things. After six years of twists and turns and challenges, CZ's release from prison not only marks his personal rebirth, but also injects new vitality into the entire crypto industry. Looking back on that inspiring interview in 2018, the ten questions now seem even more profound in the new context. These questions not only reflect CZ's foresight, but also reflect the valuable experience and wisdom he has accumulated through the ups and downs.
From Binance choosing Uganda as the starting point for globalization to its courageous response to industry challenges, these topics have taken on new meanings over time. The ideas and strategies that CZ adheres to have stood the test of time and still shine with wisdom.
Today, Binance has not only become one of the world's largest cryptocurrency trading platforms, but is also driving the entire industry towards compliance and transparency. CZ's persistence and resilience make us believe that no matter how the future changes, he will continue to lead Binance forward and explore broader possibilities.
