2020 Global Blockchain Eco-Conference – Compliance and Security Are Top Priorities

SHANGHAI, CHINA / ACCESSWIRE / August 19, 2020 / At the 2020 Global Blockchain Eco-Conference sponsored by Alchemy pay, Zhao Changpeng (CZ), Founder and CEO of Binance, delivered a keynote speech titled “Binance’s Eco-construction and Compliance Development”. Several senior executives from China Banking & Insurance Regulatory Commission, Xiaomi, Ping An Group, Sinochem Group, Amazon and other institutions attended the event and held in-depth exchanges with the audience.

CZ said that Binance has always attached great importance to safety and compliance, and that every exchange should continue to work towards achieving full compliance. Beyond having strict internal risk control measures in place, Binance also works closely with many regulatory and law enforcement agencies to help combat any industry wrongdoing. Furthermore, Binance puts in a lot of effort and resources into anti-money laundering. “Binance’s anti-money laundering measures may possibly be more stringent than those of the traditional banks, which is one of the main driving factors behind our industry leadership.”

(CZ, Binance Founder and CEO)

Speaking of DeFi, one of the hot topics in the industry now, CZ believes that it is a very innovative concept and only 10% of the projects will succeed in the long run. However, Binance strongly agrees that DeFi may bring about breakthroughs in the blockchain industry.

When asked about CeFi and DeFi, Mr. Zhao responded that Binance will continue to support other DeFi and decentralised exchange projects to help advance the industry as a whole. “Currently, cryptocurrencies account for less than 0.2% of the global asset market. What we need to do is bring the figure to for 2% and then 20%,namely to grow it 10x, 20x. This, I believe, is more important than getting more market shares within the current crypto market,” Mr. Zhao commented.

So far, many financial institutions have made their foray into the blockchain industry, further promoting the adoption of digital currency payments. CZ suggested that traditional financial markets need to gain a deeper understanding of blockchain, and Binance hopes to serve as a bridge between the traditional financial markets and digital currencies.

Project leader at Binance’s BUSD, Helen Tu, Head of Binance BUSD Project, gave a keynote speech titled “Entering DeFi? Binance BUSD 2.0”. During the speech, Helen Tu introduced the current main use cases of stablecoins: arbitrage, transfer of value, trading and savings.

(Helen, Head of Binance BUSD Project)

Helen said that while BUSD was issued later than other stablecoins, it has been growing rapidly and is now one of the leading stablecoin around the world. “The market cap of BUSD exceeded $100 million on March 10 this year, and further doubled on April 1st, just 21 days later. Presently, BUSD has more than 150,000 holders.”

She believes that stablecoins is a bridge between fiat and digital currencies and their purposes vary. Helen commented that BUSD current competitive advantage and core purpose lies within the trading space and that in the future, BUSD will continue to serve its trading role while making its foray into the DeFi market.

Helen also told the audience that Binance Smart Chain, which will be launched in early September, is compatible with Ethereum, and will be heavily integrated with DeFi. At present, Binance testnet is conducting a stake war campaign to support BNB staking for the first time.

Towards the end of her speech, Helen shared some of her experience working at Binance: Firstly, the interview process was challenging – spanning over four months and talking with 10 interviewers. Secondly, Binance is extremely quick and nimble when it comes to taking in feedback from partners and users and responding with a solution. Lastly, Binance places a great deal of importance on cultivating talents and supporting employees from all countries to hone their language and workplace skills etc.