173 - CZ & the State of Binance

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May 29, 2023

CZ, the Founder and CEO of Binance, shares insights from the heart of the crypto exchange revolution. He addresses the wave of misinformation and the fallout from the FTX crash, emphasizing the importance of transparency and education in the current bear market. CZ also discusses Binance's stability strategies and the evolving landscape of crypto, highlighting opportunities for financial inclusion, particularly in underbanked regions. Dive into his reflections on trust, innovation, and navigating this volatile market!

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ADVICE

Focus on Building

Ignore FUD and focus on education, compliance, and building products and services.
This strategy helps maintain focus and progress amidst distractions.

INSIGHT

Binance FUD

Binance attracts FUD due to its size, public-facing nature, and CZ's ethnicity.
Negative news about larger entities generates more clicks, contributing to the FUD.

INSIGHT

Truth vs. FUD

Determining truth from FUD is challenging in the current crypto climate.
The FTX collapse significantly damaged trust, making skepticism prevalent.

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We welcome back Founder and CEO of Binance, CZ for his second appearance on Bankless. Last time CZ was on, Terra Luna hadn’t collapsed yet and FTX was still competing with Binance. A lot has changed.

In today’s episode, we cover it all. Here were some of the questions we discussed: 1) How can we tell what’s real vs. FUD with Binance? 2) What Happened with FTX from CZ’s perspective? 3) The difference between the current bear market vs. previous ones 4) Community questions from Justin Drake & Degen Spartan

------ ✨ DEBRIEF | Unpacking the episode: https://www.bankless.com/debrief-cz

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------ TIMESTAMPS:

0:00 Intro 6:54 How’s CZ 2023? 8:35 Why is Binance a FUD Magnet? 10:52 FTX & Ledger 16:57 Binance Transparency 26:40 Current Mood of Crypto 29:35 Another Cycle? 30:58 Binance’s Bear Market Strategy 36:44 Crypto’s Biggest Opportunity 39:48 Why Crypto Is Good for the World 42:06 The Exchange Wars 48:49 Best Regulation Jurisdictions 51:48 Justin Drake Question 54:00 Will Binance Buy a Bank? 56:30 BNB Chain Rollup on Ethereum? 59:13 CZ’s Thoughts on Twitter Post-Elon 1:00:36 CZ’s Bear Market Advice 1:04:46 Closing & Disclaimers

------ RESOURCES:

CZ https://twitter.com/cz_binance

CZ’s 1st Bankless Appearance https://www.youtube.com/watch?v=lldGpGsUcWw&ab_channel=Bankless

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures