![]() The Binance CEO announced that there is one market maker on his platform that he's invested in, but that it's for liquidity and registered in Bahrain. ![]() He continued to discuss his relationship with Abu Dhabi and further interest in the Gulf in the discussion with CEO of financial services company Galaxy Digital Holdings Mike Novogratz. “It’s not a saturated market we don’t need to compete with the 1% of today,” he said about the United Arab Emirates and the region. On Monday, Zhao announced Binance had previously held a $580 million value of FTT, of which "we only sold quite a small portion - we still hold a large bag."īinance is currently under investigation by the US Justice Department for possible violations of money laundering rules, Reuters reported last week.īinance was granted a license to operate in Dubai in March of this year, which Zhao said was an ideal place to operate. 6 when he said in a tweet that Binance would sell its holdings of FTT, a token of the now-bankrupt FTX Exchange. The overall cryptocurrency market has fallen by about two-thirds from its peak to $1.07 trillion.īefore FTX’s collapse, Zhao sparked concerns among investors on Nov. Why it matters: Binance is the largest infrastructure provider in the global $1 trillion cryptocurrency industry, reaching more than 120 million users. What it means: There is increasing skepticism about the reliability of cryptocurrencies and the exchanges that manage them amid the fluctuating market that has caused huge losses among investors and led to a crypto winter. Very transparent in all their dealings and putting in so much $ for security & adoption of crypto," wrote Twitter user Danladi Dimah Tia from Ghana. "No one in the crypto space is doing even 1/4 of what and is doing for the crypto industry. ![]() There was opposition to the views of the professor emeritus of economics at New York University, with Binance receiving support from people in the audience and globally for their pioneering work and process. "I can't believe has a license to operate in the UAE," he told CNBC correspondent Dan Murphy while on stage. "Me calling for to be kicked out of the UAE while I was live on stage today," wrote Roubini. ![]() Nouriel Roubini, the chief economist at Atlas Capital, went on the event's main stage after Zhao and berated the CEO on stage in addition to tweeting about it. What happened: Bahamas-based cryptocurrency exchange FTX filed for bankruptcy last week, and Binance’s role in it has led to big reactions. A speaker at the event tweeted about his distrust of Zhao shortly after. Yet not everyone attending the second day of the Abu Dhabi Global Market (ADGM) event was buying it. ![]() It started the year off sitting on about US$47,000 (A$65,000) and now, just 10 days later, the blockchain is worth US$41,721 (A$57,000).ABU DHABI - Binance CEO Changpeng Zhao stood in support of crypto, reassuring a packed hall on Wednesday at Abu Dhabi Finance Week (ADFW) that crypto is the future. In the first few days of 2022 alone, bitcoin has dropped by a huge 12 per cent. Mr Zhao also told Bloomberg’s Erik Schatzker in late 2021: “I don’t care about wealth, money, rankings” – an anomaly in the often-flashy crypto world.īinance’s success comes despite months of volatility in the crypto world. Zhao later wrote, “Unpopular opinion: instead of wealth rankings, there should be a ranking of charity and philanthropy efforts.”ĭespite Mr Zhao’s mind-blowing fortune, he reportedly enjoys a relatively modest lifestyle, with Forbes reporting he “doesn’t own any cars, yachts nor fancy watches”. Focus on how many people you can help.”Ī spokesman for Binance told CNN, “CZ intends to give away most of his wealth, even 99% of his wealth, just like other entrepreneurs and founders.” Zhao also appeared to acknowledge the distinction of being one of the world’s richest billionaires, writing on Twitter, “Don’t worry about rankings. Since then, its 1.4 million-transactions-per-second capability have attracted 6 million users, making it the world’s largest crypto-exchange”.īinance boats more than 1000 employees in more than 40 countries around the world, including Australia. By February 2018, Mr Zhao has gained the attention of Forbes, which estimated his net worth to be up to US$2 billion at that time.įorbes was captivated by Binance and Mr Zhao’s lightning-fast success story, with reporter Pamela Ambler writing that: “Seven months ago Binance didn’t exist. ![]()
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