The CEO of Binance presented some thoughts on the effects of the crypto market crash, assuring that the offers to sell seen in the news reach the exchange he runs first.
Changpeng Zhao (CZ), CEO of Binance, highlighted that there are currently many offers to purchase or help crypto entities after the market crash and explained that not all entities are worth saving.
This statement came from Zhao in an interview led by Bankless, in which Zhao presented some views on the effects of the market crash, ensuring that FTX is not the only exchange that has received offers from entities that might go through a difficult moment.
In this regard, Zhao commented that the offers observed in the news usually come to him first, and not all projects are worth saving. He is not interested in working on entities with weak and poor management. He desires to help entities with a bit of liquidity shortage.
On the apparent rivalry between FTX and Binance about acquiring/supporting entities, Zhao explained that this is not a competitive scenario. So both platforms focus on doing what they can to keep supporting the crypto space.
Regarding the latter, Zhao confirmed that FTX has a most prominent presence within the US, so they can focus on aiding companies that work with headquarters within the nation. On the other hand, Binance has a much more international reach, which would allow it to focus its support in different directions.
Binance is Doing Well Despite the Declining Market
Regarding the current status of Binance after all the results of the market crash, Zhao explained that the exchange got prepared for a situation like this, so they have enough reserves to keep complying with their expansion procedures and continue their activities.
The Binance CEO also explained in the interview that the exchange understands the cyclical nature of the markets. They got prepared to manage large cash reserves and take the opportunity to include more talent in their team to consolidate its solid position within the crypto environment and the economy in general.
Cz added that Binance has over 2,000 job openings open for new members and said that Binance wants to achieve the consolidation of about 8,000 people by the end of the year; CZ also spoke about his desire to retire from Binance sooner or later. He expressed in the interview he has been CEO of Binance for five years, and he doesn’t think a CEO should stay in this position for more than ten years.
By: Jenson Nuñez
