Navigating Trading Volume and Legal Challenges in Crypto

This chapter explores the inaccuracies in trading volume data on CoinMarketCap and the need for improved metrics to enhance reliability. It also addresses legal issues faced by cryptocurrency companies like Binance, including class action lawsuits and misconceptions about blockchain operations. The discussion highlights the complexities of blockchain governance and the impact of misinformation on market dynamics.

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Episode notes

Changpeng Zhao, aka CZ, cofounder and CEO of Binance, and I kicked off the Ethereal Virtual Summit with a fun fireside chat! He talked about Binance’s current operations, its plans for the future, and the crypto industry as a whole. He explains:

Why he thought the questions I asked him in our first interview were misleading
Whether Libra’s new plans are affecting Binance’s strategy for Venus
What impact China’s DCEP will have on crypto
Why the confluence of circumstances caused by COVID are a “perfect storm” for crypto, and how this will affect crypto in the long-term
Whether the Binance Smart Chain will leech away Ethereum developers and users
Why he thinks competition in the industry only grows it
How Binance can own CoinMarketCap without affecting its objectivity
What he says to the class-action lawsuit against Binance, him and the other cofounders of Binance accusing them of offering unregistered securities
How he views the role of Binance in governance in delegated proof-of-state systems, such as when Binance flip-flopped on a contentious hard fork in Steem
Where Binance is headquartered

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Thank you to our sponsors!

Crypto.com: https://crypto.com/

Kraken: https://www.kraken.com

Stellar: https://www.stellar.org/

Episode links:

CZ: https://twitter.com/cz_binance

Binance: https://www.binance.com/en

My first interview with CZ: https://unchainedpodcast.com/how-binance-became-the-most-popular-crypto-exchange-in-5-months-ep-84/

Details on BUSD: https://www.theblockcrypto.com/post/38607/binance-launching-its-own-usd-pegged-stablecoin-busd-with-paxos-as-custodian

Binance announcement about BUSD: https://binance.zendesk.com/hc/en-us/articles/360032604131-Binance-Announces-Open-Blockchain-Project-Venus-

BUSD marketshare: https://www.coindesk.com/binance-stablecoin-busd-tops-100m-but-lags-behind-rivals