Cointelegraph conducted an exclusive interview with Binance founder and CEO Changpeng Zhao (CZ) during Virtual Blockchain Week.
During the debate, CZ addressed the crypto community’s concerns about the size and impact of Binance in growing corporate acquisitions and horizontal expansions.
CZ: “The free market works”
On the subject of Binance’s growing presence in the crypto ecosystem, CZ said: “I think there are basically two sides to this.”
“So there is concern about whether we’re too big or not, and then there’s the reason why users choose us. If we abuse the power we have and then abuse our influence, people wouldn’t choose us. “
“So we’re pretty big, but the reason we’re growing isn’t because we’re abusing monopoly power,” he said, adding, “There are thousands of exchanges, the competition is very tough.”
“People have such concerns, of course. But rest assured, we want to continue to offer value to users and not destroy value. And the free market works, if we abuse it, people will go.”
Binance is “tiny” compared to technology giants
CZ also said: “Binance is still very small and said:” We are tiny in terms of market capitalization compared to any traditional organization. “He continued:
“Even in terms of the number of users, where we’re also tiny, all users together are like a thousandth of the traditional population, and there are much larger organizations that make up a third of the population, like Facebook.”
“In a free market, […] People will naturally tend to the guys who offer better products and better services, “he concluded.
“Sometimes you’re lucky”
During CZ’s fireworks chat with Virtual Blockchain Week hosts, CZ stated that it never expected to level up so quickly to become part of the high-level cryptocurrency exchange, as Binance has become the top exchange for trading volume in the six months after its launch in 2017.
CZ stated that when the platform was launched, “there were only two cryptocurrency exchanges available at that time, which were only available in English and only on the Internet.” Without mobile apps and without a large exchange aimed at users from outside the West, CZ said: “There was definitely room for further exchange.”
“At that time, our goal was ‘to be number one in three years’. […] But sometimes you’re lucky. “