Changpeng Zhao: I Don’t Understand Memecoins

Changpeng Zhao (CZ), head of the Binance cryptocurrency exchange, said during the Twitter Spaces conference that he “never understood meme tokens.”

If a coin has many holders and generates interest, then Binance is more likely to list it, Zhao noted.

“We kind of look at assets from a user perspective. But I am not involved in the placement process personally, I am busy with other things. […] We have listed SHIB and it is actually one of the coins on the platform with the highest trading volume,” he explained.

The CEO of the exchange also added that he does not understand non-fungible tokens and has never bought them. However, he “believes in NFT technology” and tries to develop it on his platform.

CZ commented on the situation with First Republic Bank. In his opinion, the success or failure of banks has nothing to do with cryptocurrencies.

“From the point of view of the crypto community, we should not rely on the failures of others for our own benefit. […] The more successful banks are, the better for digital assets, because a healthy economy brings more money and value,” explained the head of Binance.

Zhao added that the company is trying to make more development efforts in cryptocurrency-friendly countries and less where regulation is tighter.

In April, Bloomberg ranked CZ third on its “25 Financial Titans” list, with a net worth of $28.2 billion. Zhao himself denied his net worth estimate.

Source: bitcoinlinux.com