dollar.Ĭentral bank digital currencies are a little bit different from stablecoins. I think that's the best way to continue the global dominance of the U.S. Ideally, hopefully, we can integrate directly with it. China's central bank digital currency currently is unavailable to us. We just want to provide users access to as many things as we can. I think we don't really have a role per se. What do you see as Binance’s role in that trend? There is also a push for a digital dollar in the U.S. What do you think about the way the stablecoin market is evolving? There's a push towards CBDCs, which is gaining momentum. Was this move with the USDC done in coordination or in consultation with Circle? We didn't feel comfortable always guaranteed a one-to-one conversion. Tether is a black box, and because we don't have the commercial agreement in place, we don't have a channel to convert one to one. We have an agreement with Circle that we feel pretty confident that we can exchange that one to one, whereas with tether we don't have this commercial agreement in place. We have a commercial relationship with Circle for converting at a one-to-one peg. Tether, to be honest, we don't know if it will depeg. That's a misconception that we somehow did not explain that very well.Īnd why didn't you do the same thing with tether? But when people finish trading, and they want to withdraw, they can withdraw USDC and the other stablecoins. It's just that when they deposit, we convert them one to one to be BUSD. People can deposit and withdraw USDC from Binance. Why did you move to delist Circle’s USDC? There are those who describe it as a very aggressive competitive move. This interview was edited for clarity and brevity. In an interview with Protocol, CZ talked about why he felt the need to address the charges, the controversy over recent changes in the way Binance handles USDC stablecoins, and his views on the ongoing push for more crypto regulation. CZ, who was born in China but grew up in Canada and is a naturalized Canadian citizen, addressed the charge in a blog post after a journalist asked on Twitter about a Binance employee who he said has been accused of being a Chinese spy. It’s been accused of being a “hub for hackers, fraudsters and drug traffickers.” The company is barred from operating in two major markets - the U.S., where a separate entity, Binance.US, operates with aid from Binance, and in China, the country where Binance got its start.ĭespite Binance having to abandon its country of origin shortly after its founding, critics have portrayed the exchange as a tool of the Chinese government. crypto powerhouse Coinbase.īut Binance also emerged as one of crypto’s most controversial companies.
It took only five years for Binance CEO and co-founder Changpeng Zhao to build his company, which launched in 2017, into the world’s biggest crypto exchange, with 90 million customers and roughly $76 billion in daily trading volume, outpacing the U.S. In crypto, he is known simply as CZ, head of one of the industry’s most dominant players.
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