Changpeng Zhao is confident in the need to use cryptocurrencies in the financial sector

Changpeng Zhao, founder of Binance and CEO of a cryptocurrency company, spoke about what he thinks should be expected in the near future from the development of the cryptocurrency industry and how it will affect finances in general. According to Zhao, financial market participants who will refuse to accept crypto will be too slow compared to those market players who will work with cryptocurrencies.

According to Changpeng, full acceptance of the cryptocurrency industry is inevitable. The question remains only in the amount of time that will be spent for the full-fledged fusion of the crypt into financial structures. The owner of Binance couldn't help mentioning 2022 in light of his statements. Changpeng is confident that the fall of Terraform Labs with their Terra (LUNA) and FTX has greatly reduced investor confidence in the world of cryptocurrencies.

This has backfired, causing many financial institutions to shy away from accepting cryptocurrencies and curbing their customers' access to cryptographic opportunities. The traditional financial market will now be reviewing its strategies for entering the cryptocurrency ecosystem for some time. FTX, according to Changpeng, dealt a huge blow to the image of the crypto industry, and Sam Bankman-Fried, with his actions, not only put his freedom at risk, but also set the development of the cryptocurrency industry back several years.

However, according to the head of Binance, there was no silver lining in this situation. The fall of FTX has shown that crypto is a strong enough industry that we could notice over the past 3 months. Although at first BTC continued to fall and set new two-year anti-records, however, at the beginning of 2023, it was able to grow by more than 35%.

In this, people were able to see the characteristic resilience of cryptocurrencies to unpleasant events, which raised confidence in the eyes of investors. This did not make us wait for the money to arrive, and recently we can observe how many people begin to enter the accumulation phase and acquire digital assets for further holding.

Binance recently received allegations of insider trading. Changpeng Zhao issued a statement in which he spoke of an absolutely negative attitude towards this type of activity. According to him, if one of the employees is found to be carrying out such a dishonest way of earning money, then the person will be immediately deprived of his job.

In order to reduce the risk of insider trading, Binance has limited the ability of its employees to sell acquired assets. Once employees have decided to buy certain crypto-currency tokens, they are unable to sell the property for the next three months. In addition, online detectives regularly inspect the activities of Binance employees and monitor their activities on the exchange.

At the time of writing, Bitcoin is trading at $23,000. Over the past 24 hours, the price has moved between $22,885 and $23,417. The volume of trades conducted between traders over the past 24 hours amounted to $21,643,000,000, and the capitalization of the main cryptocurrency exceeds $443,000,000,000. There are 19,275,012 BTC circulating in the network, which is 92% of all possible bitcoins.