The cryptocurrency space is worth over $2 trillion at the moment and is expected to get even bigger.

Changpeng Zhao, the CEO of the Binance cryptocurrency exchange, believes that centralized systems need to integrate with traditional finance to allow the cryptographic space to grow. He made that statement when answering users' questions about a video on Binance's YouTube channel a few days ago.

One user stated that centralized organizations exist to mess things up, adding that decentralized finance (DeFi) is the future. However, CZ does not agree with this statement, as he believes there is a way for the two to coexist. He said;

“If you think like that, don't touch any centralized system. Stay in the decentralized world, all the power to you. Centralized systems are needed to help bring money into the encryption of conventional finance while providing an exit route. ”

Another user lamented the lack of trading platforms on which people can buy cryptocurrencies without going through the "know your customer" (KYC) verification. CZ replied that they do exist but does not recommend using them. He said;

"There are smaller platforms that don't require KYC, but I strongly recommend that you don't use those platforms."

Binance remains the world's largest cryptocurrency exchange in terms of trading volume, despite the numerous regulatory challenges it faced in 2021. The exchange was forced to change the way it operates in many countries and also seek licenses before operating in certain countries. jurisdictions.

As a result, Binance has embarked on a hiring spree in an attempt to boost its regulatory ratings. The exchange has hired former regulatory executives to help it overcome regulatory hurdles in the UK and several other countries.

Binance also had to stop some services in Hong Kong, UK, Europe and some other countries. Binance's daily trading volume is above $13 billion, which is much higher than Coinbase's $2.6 billion in second place.

The post Crypto space needs centralized systems to integrate with traditional finance, says CZ appeared first on Bitcoin Guide .