The Increasing Number of People Moving to Crypto due to Regulations

Changpeng Zhao, CEO of cryptocurrency exchange Binance, has criticised regulatory enforcement in the cryptocurrency industry, stating that no regulatory clarity is worse. During the Hong Kong Web3 festival, Zhao stated that “Having no regulatory clarity is the worst. Having bad restrictive crypto regulations are better than that. And then having unclear ones and then chasing people by enforcement is really, really, bad.” Zhao also warned against the regulatory drive against cryptocurrency and suggested that it is increasing interest in the industry. Binance has recently come under scrutiny from regulators; last month, the US Commodity Future Trading Commission filed a lawsuit against Zhao and Binance alleging insider trading and violation of trading and derivatives rules. At the same time, the Australian Securities Commission cancelled Binance’s derivatives license.

However, Zhao is optimistic about the future of cryptocurrency regulation, believing that regulation will become less restrictive in the future. Zhao has also been positive about Hong Kong, where there is increasing support for cryptocurrency from traditional banks. Hong Kong’s largest virtual bank, ZA Bank, recently announced its intention to become the bridge between digital assets and fiat currencies, with the support of Paul Chan, Hong Kong’s financial chief.

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