Binance CEO says security is the most basic thing for cryptocurrency exchanges

Recently, Changpeng Zhao [CZ], the CEO and Founder of the biggest cryptocurrency exchange by trading volume, Binance, spoke about running a successful exchange platform in the cryptocurrency market, in an interview with Bloxlive TV at the Delta Summit. He also spoke about the regulatory problems faced by cryptocurrency exchanges and the reason for chosing Malta as one of their operating base.

The CEO stated that the most import aspect about running a cryptocurrency exchange was to ensure that everything was set properly. He added:

“So security is the most basic thing. And then you wanna have a really good product, and then you want to run everything properly.”

CZ  further spoke about the regulatory obstacles tackled by cryptocurrency exchanges and stated that they were intertwined with the country they were operating in. Along with this, he also spoke about fraudulent activities in the cryptosphere with him stating that people are trying to manipulate the markets. He went on to say:

“People try to do fraud. The projects performing badly want to list on the exchange. There’s a lot of different stuff… A cryptocurrency exchange is probably one of the hardest businesses on the planet.”

The CEO recommeds freshers in the cryptosphere to assess the challenges prevailing in the cryptocurrencye exchange industry before venturing into the space. He said:

“We run one of the most ethical and solid exchanges in the space and that’s kind of recognized by people so we’ll continue to do to do that.”

CZ further spoke about the reason behind choosing Malta as one of their operating base. He stated the reason to be the progressive and understanding regulators in Malta. The CEO added that they were “forward-thinking”.

Earlier this month, MSX PLC, the subsidiary of Malta Stock exchange, signed a memorandum of understanding with the Binance exchange. Through this joint venture, the companies plan to launch a new security token digital exchange.

According to CZ, Malta has become the “global hub” for blockchain technology. Binance’s intention to grow its roots in Malta surfaced first at the end of March when the company announced the opening of a new office there.