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Changpeng "CZ" Zhao, the CEO of Binance, has drawn attention to the drawbacks of divided cryptocurrency markets following recent discussions with several governments.
As Binance continues its international expansion, its CEO has participated more and more in policy conversations with foreign governments. The most recent countries that Binance has been granted a license to do business in are Spain, Italy, and Dubai.
After some nations demanded for segregated markets and order books in their jurisdiction, CZ—a proponent of cryptocurrencies—highlighted the need to preserve significant liquidity in cryptocurrency markets in his ongoing consultations with government bodies.
From our interactions, some countries want a segregated orderbook (liquidity). This is a BAD IDEA for a number of reasons.
— CZ 🔶 Binance (@cz_binance) July 31, 2022
Large liquidity is one of the best Consumer Protection mechanisms. It protects against market manipulation, volatility, and reduces liquidations.
1/5
CZ emphasized that because Binance operates in more than 180 nations, the split of these markets would make it more simpler for traders to swing markets, which would increase volatility. The CEO of Binance further asserted that a single order book was more effective than arbitrage traders, who often balance cryptocurrency values across various exchanges or order books:
Large liquidity also provides users with better prices. a closer spread reduced slippage This is yet another crucial aspect of consumer protection. Real financial consequences for consumers
Binance is collaborating with a number of nations around the world to build cryptocurrency infrastructure and promote education. In May 2022, CZ and the president of Kazakhstan met to sign a contract in which CZ agreed to help Kazakhstan build regulatory and legislative frameworks for cryptocurrencies.
A virtual meeting between the CEO of Binance and the Turkish Minister of Treasury and Finance took place in July 2022, when Turkey was hosting Blockchain Economy Istanbul. In April 2022, two years after beginning operations there, the business opened its first customer service location in Turkey.
In November 2021, CZ also had a meeting with Emmanuel Macron, the president of France, to discuss how to advance blockchain and Web3 technology in that nation. At the time, Binance committed $115 million to the project. In May 2022, Binance received regulatory authority to run its exchange in France.
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