According to Binance CEO Changpeng Zhao, centralized systems are needed for the crypto industry to integrate with the traditional financial sector.
Changpeng Zhao, the founder and CEO of Binance, the world’s largest crypto exchange, said on Binance’s YouTube channel, “Central organizations are always ready to screw you up. DeFi is the future” commented:
“If you think so, do not work with any central system. Stay in the decentralized world. You have all the power”
Zhao also highlighted the need for centralized systems to help bring money from mainstream finance to the crypto industry.
In a comment, another user complained about the lack of crypto trading platforms that do not require a know-your-customer (KYC) procedure, citing the regulatory problems Binance has been dealing with recently. Zhao replied to this comment with the following words:
“There are smaller platforms that don’t require KYC. However, I strongly recommend that you do not use these platforms”
