Binance CEO Changpeng “CZ” Zhao said Wednesday that 2022 was a challenging year for Binance and the crypto market, but not unprecedented. Despite the challenges of the bear market, the industry has seen increasing adoption, regulatory frameworks and Web3 developments. He expects the market to recover quickly, with more developments in metavers, NFTs, DeFi, GameFi, and other blockchain solutions.
Binance CEO shares his view on 2022 and 2023
On the official blog entitled “A Letter From Our CEO: 2022, the Year of Resilience“A Letter From Our CEO: 2022, the Year of Resilience” published on December 28, Binance CEO “CZ” shares his views on 2022 and what he expects in 2023.
2022 was mostly a year defined by the crisis and failures of Terra, Celsius, Voyager, FTX, and others. Crypto prices fell from their all-time highs, implosions that shook the confidence of users and regulators, and FUD due to increased scrutiny from policymakers, the media, and the public.
However, CZ remains optimistic about the developments, adoption and regulatory frameworks seen this year. Brands are entering the metaverse, NFTs, blockchain and crypto space. It sees demand for these and related areas increasing in 2023 as the crypto market, stock markets and global economy recover.
Binance will focus primarily on building, regaining trust through transparency and focusing on users. Binance’s CEO also plans to expand to other countries and hire more employees, as well as support Web3 and blockchain innovation.
Changpeng Zhao answered questions from the community
The CEO of Binance answered questions submitted by the community in a recent interview. Some of the questions were light-hearted, including whether he is the pseudo Bitcoin inventor Satoshi Nakamoto and whether he gets enough sleep.
He is really happy with Binance’s expansion into several countries and collaboration with regulators. The crypto-currency exchange has dominated the crypto-currency market this year and has helped drive the adoption of crypto-currency and Web3.
As for whether Binance will collapse if users withdraw their funds at the same time, he said it will be fine. Binance has more than 100% reserves on each coin. Even if Binance goes bankrupt, customers’ assets will be safe and “Trust Wallet is completely secure.”
He also responded to how he would have handled the FTX-like situation and the most valuable lessons learned this year. CZ is very optimistic about 2023.