Binance Founder CZ Arrives in the U.S.: Makes Bold Statements

During his remarks at the DCBlockchain Summit in Washington DC, Changpeng Zhao highlighted the lack of competition and high transaction fees in the US cryptocurrency market.

According to Zhao, this situation both restricts liquidity and causes American investors to trade at worse prices compared to global markets.

Zhao noted a significant shift in US cryptocurrency policies recently, with entrepreneurs who had previously moved abroad beginning to return to the country. Arguing that the US has major advantages with its Silicon Valley talent pool, strong venture capital structure, and Wall Street funding power, CZ said, “I didn’t expect the US to become so crypto-friendly so quickly two or three years ago.”

However, arguing that the biggest deficiency in the current situation is competition, Zhao stated that free markets and competition are the strongest protection mechanism for consumers. He noted that this idea was shared in his meetings with many high-ranking officials in the US, and said that the market needs to become more competitive.

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Zhao, commenting specifically on crypto exchanges, stated that transaction fees in the US are still quite high, creating a disadvantage for users. He noted that this situation leads to a concentration of global liquidity outside the US, describing it as “strange” that while the main liquidity in traditional markets (such as stocks and futures) is located in the US, the opposite is true in the crypto market.

Zhao also gave a striking example by making a comparison with other sectors. Recalling that e-commerce giant Amazon offers the best prices in the US, CZ stated that in the crypto market, American users do not have access to the best prices globally. Expressing that this problem is not difficult to solve, Zhao stated that thanks to its strong institutional investor base, the US could eventually become the world’s largest liquidity center.

On the other hand, CZ had previously stated in an interview with Bloomberg that Binance wanted to grow again in the US and aimed to offer higher quality products for American users.

*This is not investment advice.

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