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Binance’s CZ cites China’s centralization to temper its pro-blockchain moves

Biraajmaan Tamuly

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Source: Pixabay

In a recent interview with Luke Martin, Host of Venture Coinist, Binance CEO Changpeng Zhao discussed the present market scenario for digital assets and the impact of China’s blockchain-related announcement on the overall industry.

2019 was seen by many as bullish after Bitcoin and the rest of the market surged between April and June. However, the 2nd half of the year saw volatility kick in and the valuation of various crypto-assets suffered following several major price swings.

According to CZ, despite the market recording consistent price fluctuations, it might be the beginning of a major bull run. He said,

“It feels very much like at the beginning of the bull market. Bitcoin’s recovered quite nicely. It went up and down a bit but there are always going to be fluctuations and the other coins are also recovering now.”

Talking about China’s increasingly encouraging steps in the space, CZ said that the Asian country has been very positive about blockchain lately, adding that Chinese President Xi Jinping’s announcement on blockchain surprised him as well.

However, CZ stressed on the fact that China is very centralized, adding that despite the government being pro-blockchain, Bitcoin wasn’t mentioned once by any state official. The ‘green-light’ for blockchain would promote a faster rate of learning about the technology, something which is holistically beneficial for the entire digital asset industry, he said.

Further, CZ remains unsure about how China’s CBDC would perform once it goes public. He conveyed that the availability of options is paramount for the people. Additionally, the CEO of Binance claimed that China’s pro-blockchain sentiment may see an increase in investment from various VCs in the space again, promoting the idea of digital assets.

Talking about Binance’s derivatives platform, CZ clarified that margin trading targeted a specific group of traders. He said,

“Margin futures are not for everyone but only a small subset of traders but these are typically large traders. When you trade very large volumes, you require high leverage, so that’s what some of the advanced users wanted.”

CZ also conceded that listening to users is helpful as Binance Futures’ volume exceeded $4 billion on a day to day basis, much more than the BTC spot trading volume on the Binance platform.

Biraajmaan is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings

Chayanika Deka

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Source: Pixabay

Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.

Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.

Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.

Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.

Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.

Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,

“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.