What distinguishes Binance from other exchanges?
CZ Talks Bitcoin and Stephan Livera started the fireside chat with the first question, ‘what distinguishes Binance from other exchanges?’. CZ said,
‘there’s really no secret. Binance has been working on multilingual, web access and mobile access, customer service, engaging with community and much more. Little things add up plus a bit of luck makes Binance today.’
CZ continued to discuss on regulation compliance issues. Regulations that promote innovation is good, but too much regulation and overly strict regulation kill innovation and thus startups. Regulation in fiat such as capital control and currency control pushes people to use BTC. Binance wants to work with good regulations to create a healthy crypto ecosystem from an industry perspective and world perspective.
It’s always a tricky balance. Binance uses sophisticated AML and KYC service, for ensuring compliance with all existing laws everywhere it operates. On top of that, Binance is providing freedom as much as it can. However, Binance doesn’t have all answers yet. It’s an ongoing challenge.
When it comes to privacy and transaction detection, CZ stated there’s no black and white solution. Using third party transaction monitoring is not a problem, the thing is how well it applies. It’s supposed to detect fraud hackers, as well as filter out good players so that their user experience won’t become worse.
At last, the founder of Binance gave his prediction that he’s very bullish about BTC and fiat will ultimately crash because of endless money printing. As an entrepreneur, he devoted himself to building up more applications that people can use.
