📊 CZ: Binance has no plans to add stock trading

Incryptico » 📊 CZ: Binance has no plans to add stock trading
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Binance CEO Changpeng Zhao stated in an interview with Decrypt that the crypto exchange Binance has no intention of offering stock trading services on its platform. CZ emphasized that the share exchange is not in line with his company’s philosophy.

Rumors about the emergence of exchange trading appeared against the background of a market downturn, during which crypto companies focused on attracting users with new features.

In May, FTX offered users the option to trade stocks on accounts topped up with stablecoins. Stock trading has also become a profitable market for many investment platforms such as Robinhood and Webull. However, Binance is better off focusing on the development and promotion of Web3 products, according to CZ.

We are exclusively a Web3 company. We are not moving backwards, we are moving forward.

Changpeng Zhao, CEO of Binance

According to him, Binance is considering acquiring several companies during the current bear market, but none of them have anything to do with stock trading. CZ also suggested potential deals would be “easier.”

This is not to say that complex deals are bad. In my opinion, it is better to always do everything very simply, very straightforwardly, reduce everything to the basic basic principles and proceed from them.

Changpeng Zhao, CEO of Binance

By “complex” deals, CZ is likely referring to Alameda Research’s recent deal with Voyager Digital. In June, Alameda provided cryptobroker Voyager Digital with a $500 million loan, and already in July, Voyager’s Chapter 11 bankruptcy filing stated that Alameda itself owed Voyager $377 million. At the time, the head of Binance said that “he would never agreement”.

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