{"id":387971,"date":"2021-12-31T15:06:36","date_gmt":"2021-12-31T12:06:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/centralized-systems-are-here-to-stay-says-binance-ceo-cz\/"},"modified":"2021-12-31T15:06:36","modified_gmt":"2021-12-31T12:06:36","slug":"centralized-systems-are-here-to-stay-says-binance-ceo-cz","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/centralized-systems-are-here-to-stay-says-binance-ceo-cz\/","title":{"rendered":"# Centralized systems are here to stay, says Binance CEO CZ"},"content":{"rendered":"

“# Centralized systems are here to stay, says Binance CEO CZ <\/strong>”
\n<\/p>\n

The Chinese-Canadian business executive\u2019s standout message was that centralized exchanges like Binance would remain relevant in 2022 and beyond. <\/p>\n

Riposting to a loaded tweet about centralized finance\u2019s dark side as well as the future of decentralized finance, CZ said, \u201cToday, we still need the centralized systems to integrate with the traditional financial industry so that we can bring the money into and out of crypto.\u201d<\/p>\n

He caveated the sentiment with reference to the cryptocurrency market as still being a nascent industry, prone to \u201chackers, Ponzi schemes and scammers.\u201d<\/p>\n

Keen readers will remember one of 2021\u2019s legendary rug pulls, Squid Game<\/a> token (SQUID), which clocked a 45,000% gain before dumping. In early November, Binance launched an inquiry into the token to trace funds associated with the epic pump and dump. <\/p>\n

Inevitably, when prompted about favoritism towards certain blockchain projects, or even coins that, according to one Twitter<\/a> user, are \u201ctotally fake,\u201d CZ set the record straight: <\/p>\n

\u201cBinance lists about six or seven hundred coins out of probably 6 million coins. So only one in 10,000 coins that\u2019s ever created gets listed on Binance. That\u2019s about 0.01%. It is a very small number.\u201d<\/p><\/blockquote>\n

While coin selection is a moot issue, tighter management of centralized exchanges (CEX) has been rife during 2021. No strangers to compliance themselves, Binance Turkey was recently fined 8 million lira for non-compliance against money laundering, while CEXs as a whole came under pressure in August this year.<\/p>\n

Related: <\/em><\/strong>Binance to finalize acquisition of Swipe, paving for CEO exit<\/em><\/strong><\/p>\n

In terms of the group\u2019s growth, Binance now numbers over 90 million users worldwide, dwarfing its team of \u201ca couple of thousand Binancians.\u201d 2021 goes out with a bang, as regulatory app<\/a>rovals in Canada and Bahrain will bring Binance services to more crypto enthusiasts across the globe. <\/p>\n

CZ, meanwhile, will continue to hodl<\/a> his two favorite coins, Binance Coin (BNB<\/a>) and Bitcoin (BTC). Reaching 36 on Cointelegraph\u2019s Top 100 Notable People in Blockchain in 2021, he wishes us all a Happy New Year while he will \u201ccontinue to work on Binance users\u2019 feedback in 2022.\u201d <\/p>\n

In a tongue-in-cheek hot seat video<\/a> to round off 2021, Binance CEO Changpeng Zhao, or \u201cCZ,\u201d responded to a series<\/a> of curated Tweets from the Binance community.\u00a0<\/p>\n