The action was heavily criticized due to the speed at which the validators of the network coordinated to stop the chain to avoid further losses.
Binance ceo Patch#
Zhao makes these statements on the heels of a large exploit in which an unknown attacker was able to take control of 2 million BNB, causing validators to stop the Binance Smart Chain blockchain to patch the hack. While small-time bitcoin investors are licking their. Several crypto companies are laying off staff, and yet Binance is on a hiring spree. Centralized exchanges provide an incremental step for users to access crypto and can act as a bridge between centralized and decentralized systems. Take Binance, the world’s largest cryptocurrency exchange. In a new Bloomberg interview with Binance chief executive Changpeng Zhao, the CEO says his company could spend more than 1 billion this year on various investments. According to Zhao, most people still use centralized exchanges as a way of keeping their cryptocurrency secure, as most people are still not able to keep their funds secure with the tools available today. federal prosecutors asked Binance, the worlds largest cryptocurrency exchange, to provide extensive internal records about its anti-money laundering checks, along with. In the same way, Zhao remarked on the importance that centralized exchanges (CEXs) still have. The goal is freedom, security, and ease of use.Īccording to Zhao, each one of these aspects might make different projects (even Bitcoin) seem centralized, depending on what is being considered. Schroder will take the place of the recently retired Brian Brooks, who served as CEO of Binance.US. and Uber Technologies Inc., will become the CEO of Binance.US, the US arm of the marketplace. Brian Shroeder, the former CEO of Ant Group Co. It is also important to remember that decentralization is a means to the goal, not the goal itself. Binance, the world’s largest cryptocurrency exchange, has announced a new appointment. He explained:Įvery aspect is a gradient scale, not simply black-and-white. In a blog post published on October 9, Zhao explained that decentralization was not absolute and that there are several key aspects to it. Changpeng Zhao, CEO of Binance, pondered on the importance of decentralization and how this characteristic must not be the objective, but a tool to achieve several objectives related to a cryptocurrency project. Binance CEO Changpeng Zhao on Decentralization and Its DegreesĪ lot has been said about the benefits decentralization brings to cryptocurrency projects and how it differentiates some initiatives from others.
Zhao stated that there are several aspects of decentralization and that this is part of a gradient scale, explaining the different ways in which even Bitcoin can be seen as centralized.
Changpeng Zhao, founder and CEO of Binance, the biggest cryptocurrency exchange by volumes traded, pondered the importance of decentralization and the relation it has with security and freedom.
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