Binance CEO says 2018 has been the “year of correction”

In a recent interview with Bloomberg, Changpeng ‘CZ’ Zhao, CEO of Binance, has called 2018 the “year of correction” for cryptocurrency.

Zhao founded the Binance exchange in July 2017 after raising $15 million worth of funding from an initial coin offering (ICO). In less than a year, Binance grew into one of the world’s largest cryptocurrency exchanges by trading volume. To add to Zhao’s prestige, Forbes magazine also listed him as third on their list of “The Richest People in Cryptocurrency.”

During his interview with Bloomberg, Zhao noted that for the world of crypto, “2018 has been a tough year in terms of the pricing.”

However, this has not halted Binance’s plans for the future. Zhao stated: “Our strategy has not changed at all – we have launched one fiat exchange, and we plan to release two or three more in the next month, with a further 10 in planning for 2019.”

When quizzed on the current market, Zhao comments: “I think last year it fluctuated upwards too much and now we’re in the correction phase. We don’t know if it’s ended. I hope it’s ended. We’re never sure, but the long-term industry is sustained by real applications and real use cases of cryptocurrency, which a lot of people are building regardless of the prices.”

Zhao goes on to mention how Binance want to release a “decentralised exchange” that at its core will be very “blockchain technology based” and “will allow much more freedom.”

Furthermore, when questioned on the issue of government regulation, Zhao reveals: “We definitely welcome government regulation – we want clarity.” However, he specifies, “But we also want good regulation, sensible regulation, that ultimately promotes innovation.”

The main takeaway from Zhao’s interview is the level of optimism he displayed about the world of crypto. Binance seem to have no intention of slowing down their business, with the CEO exclaiming they will be “pushing forward aggressively.”

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