CZ stated Binance will not provide stock trading
The chief executive officer said he is dedicated to offering Web3 services and evaluating prospective acquisitions.
Binance is uninterested in providing customers with the chance to trade equities, regardless of how many additional users it might acquire.
On the most recent gm podcast, CEO Changpeng Zhao said that cryptocurrency exchanges that provide the service are neither good nor bad. Still, he highlighted that swapping stocks does not correspond with his company’s ideology.
Amid a general market decline, several crypto businesses have shifted their attention to acquiring consumers with new services. In May, FTX started allowing customers to trade equities using stablecoin-funded accounts.
CZ made an evident allusion to FTX when she said, “Some exchanges want to resume stock trading.” “CZ said that there are no intentions to engage in stock trading. “We will not be opening a fiscal broker shop shortly.”
And although stock trading has proved to be a booming sector for several retail investing platforms, such as Robinhood and Webull, CZ said he would like Binance to concentrate on developing additional Web3 products.
During the down market, Binance considers a few firms as prospective acquisition candidates, but none involves the conventional trading of stocks, according to the CEO. Additionally, CZ claimed that the proposed arrangements would be “simpler” than a complex loan structure or rescue.
Binance CEO CZ discusses global and US regulation, Binance HQ locations, crypto bailouts and how he reaches deals, the sports marketing push by major crypto exchanges, why Binance went slower, and why he thinks we live in a simulation in a lengthy conversation with Dan Roberts and Stacy Elliott.
He also remarked directly on Sam Bankman-Alameda Fried’s Research’s extension of a $500 million line of credit to the insolvent cryptocurrency broker Voyager Digital, stating, “I would never engage in such a transaction.”
In May, Bankman-Fried acquired a 7.6 percent stake in Robinhood, and Bloomberg noted last month that he was interested in purchasing the stock and cryptocurrency trading app outright. However, Bankman-Fried denied the rumour, stating that there were “no active M&A conversations about Robinhood at the moment.”