March 29, 2024

Changpeng Zhao: Binance is not going to trade shares

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Changpeng Zhao: Binance is not going to trade shares

The CEO of the largest cryptocurrency exchange Binance said that his platform does not intend to enter the stock market.

Changpeng Zhao stated thatRegardless of the number of users, Binance will not be interested in offering the ability to trade stocks. The businessman does not undertake to judge whether other cryptocurrency exchanges offering a similar service are right or wrong. But the exchange of securities does not correspond to the philosophy of his company.

The FTX exchange recently began offering clientsthe ability to trade shares for stablecoins. Zhao acknowledges that such trading is a lucrative market for many retail investment platforms such as Robinhood and Webull. But he prefers that Binance focus on building more tools for Web3.

The CEO added that Binanceis looking at several companies as potential acquisition targets during the bearish market - but none involving traditional asset swaps. Potential deals "will be simpler":

“This doesn’t mean complex deals are bad. I just prefer to always do things in a straightforward way, boil them down to the basic principles and move on from there.”

Let us remind you that earlierZhao commented on the $500 million line of credit provided to bankrupt crypto broker Voyager Digital by Sam Bankman-Fried's Alameda Research. The Binance CEO said he would "never do such a deal."