CEO of Binance, CZ, declares Trump's cryptographic comments a good thing

President Donald Trump may not be a fan of crypto-currencies, but Binance's managing director, Changpeng Zhao, does not seem worried.

Known in the cryptographic community as "CZ," the head of the digital exchange division said that Trump's comments criticizing Bitcoin and the currency of Facebook's balance can only be beneficial for the sector.

"Until now, Trump has not done anything positive or negative, he just said that he was not a fan," Zhou told CNBC at the time. an interview last week. "The fact that he's been tweeting about it and that the US president is talking about cryptocurrency, that's a good thing."

Trump said in a series of tweets earlier this month that he was "not a fan" of crypto-currencies such as Bitcoin, claiming that they were "no" l & # 39; money. " He also criticized Facebook's plan to create a cryptocurrency, saying the company should be subject to federal banking regulations.

Subsequently, Facebook's blockchain leader, David Marcus, was served on Libra on Capitol Hill, while the price of bitcoin was brought under control over the past week due to increased regulatory concerns.

But CZ said that even if the United States made the possession of cryptocurrency illegal – which he calls a "worst-case scenario" – it would not blow the industry.

"Cryptocurrency will survive whatever the country," he said. "Most countries that are trying to ban bitcoins mean their citizens want more cryptocurrency."

Authorities have often sounded the alarm about cryptocurrencies, fearing that they would be used in illicit activities such as fraud and money laundering. Mbadive cyberattacks have also rocked the industry, and Binance has not been spared this trend.

In May, the trading platform informed its users that it was affected by a major breach that had resulted in the escape of hackers with about 7,000 bitcoins, which now accounts for more than 70 million of dollars. The company said it would cover the incident "in full" and that no user fund would be affected.

While CZ described the incident as "unfortunate", he added that it was "perfectly manageable" given the breadth of Binance's revenue. The company made profits of about $ 400 million in 2018 and its boss said she hoped to do even more this year.

If anything, he says, the robbery – and Binance's response to it – shows that the industry is bringing a "new degree of transparency" to funding. Binance is one of the world's largest cryptocurrency markets in transaction volume.

"The banks are being hacked, but the numbers are not transparent, you see billions of dollars in fines for the banks," he said. "While cryptocurrency gives more transparency, which is good for users because they now know what's going on."