Binance CEO: Industry Players Responsible to Protect Users

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Editing by Nathaniel Cajuday

Changpeng “CZ” Zhao, Founder and CEO of the international cryptocurrency exchange Binance, emphasized that all industry entities and leaders are responsible for providing user protection. He mentioned this during the Business 20 (B20) Summit in Bali, Indonesia on November 14, 2022.

“Everybody in the industry has the responsibility to protect users. We hope industry players can cooperate to gather opinions and set strong standards. Given the recent series of events in this year, Binance sees the importance of developing common guidelines. We will try to get together with other industry players to form common business standards. All industry players need to increase transparency and work closely with regulators to make the industry more robust,” CZ explained.

The CEO was among a select group of world leaders who discussed the future of technology and the importance of building the global tech landscape and talent field. CZ participated in the panel discussion, “Harnessing the power of innovation for future economic growth.”

The event was part of the G20 Summit, a gathering of leaders from all over the world to share their expertise on international business challenges and future growth initiatives. The theme of the B20 is “Advancing Innovative, Inclusive, and Collaborative Growth,” which supports the G20 theme “Recover Together, Recover Stronger.”

To strengthen communication within the business community, B20 became the official dialogue forum where business individuals shared their aspirations with the G20 governments. The event had the participation of more than 60 business leaders including Jeff Bezos (Executive Chair, Bezos Earth Fund; Executive Chairman, Amazon), Mark Tucker (Group Chairman, HSBC Holdings), Euisun Chung (Executive Chair, Hyundai Motor Group), Febriany Eddy (CEO, Vale Indonesia), and Mohammed Y. Al Qahtani (Senior Vice President, Saudi Aramco).

In line with the recent collapse of Sam Bankman-Fried’s crypto empire, which started from a Coindesk article that analyzed a balance sheet from Alameda Research revealing that the trading firm’s assets are mostly composed of FTX token, FTT. Alameda Research and crypto exchange FTX are both owned by Bankman-Fried. 

Binance priorly announced that it will liquidate its FTT holdings  “in a way that minimizes market impact.” While some users speculate that it is just a ploy to go against its rival, CZ denied the conspiracy allegations

He then signed a non-binding agreement to acquire the firm to help it recover, however, Binance eventually dropped the bid because they deemed that “the issues are beyond our control or ability to help.” (Read more:  Binance Will No Longer Acquire FTX)

In the Philippines, although the exchange is still not licensed locally–it is currently trying to acquire a local company with the necessary licenses– Binance has been actively participating in discussions that would increase the adoption rate and knowledge of the blockchain industry among Filipinos.

During the Global Blockchain Summit held last month in Bataan,  Binance’s General Manager for the Philippines Kenneth Stern revealed that the exchange will focus on improving education, law enforcement trading in the country as they try to acquire more government support. (Read more: Coins.ph, Binance, Maya Highlights Efforts in Digital Asset Adoption in PH)

Prior to this, CZ himself visited Bataan and met with its governor, Joet Garcia, to open up the possibility to forge a partnership with the local government to spearhead the blockchain initiatives within the province. (Read more: Bataan Governor Explores Possible Partnership With Binance)

Aside from these, CZ also introduced the Binance Scholarship, an education program where they will be engaging with universities to recruit interns and, after the students graduate, they can be welcomed to the company. 

Accordingly, last month, Binance Academy announced its collaboration with management college students of Enderun Colleges to further boost web3 education in the country.

The exchange also conducted a cybercrime education session with the Department of Information and Communications Technology (DICT) – Cybercrime Investigation and Coordinating Center (CICC) in September. 

Moreover, Binance’s Stern is included in the Web3 Alliance that signed a solidarity statement, answering the government’s call for action to further improve blockchain adoption in the Philippines. (Read more: Local Web3 Leaders Answers Gov’t Call with Solidarity Statement)

This article is published by BitPinas: Industry Players Responsible to Protect Users — Binance CEO

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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