Bitcoin

Changpeng Zhao, founder and CEO of the Binance Crypt Currency Exchange, spoke in an interview for Bloomberg about the prospects for the digital yuan and the blockage of US traders.

„More users are coming to the exchange now, we see more acceptance and more institutional involvement,“ Zhao said. „On the whole, things are going pretty well.

According to Zhao, China is „far ahead“ of other Bitcoin Billionaire countries in the development of the central bank’s digital currency (CBDC). „The first CBDC with a working CBDC will be able to implement its use at the international level,“ he said. „This will probably significantly help make the yuan a more dominant currency in the world. If it works, I think it will put pressure on other central banks and they will want to release their CBDC as soon as possible.

Binance.com is one of the largest cryptographic currency platforms that processes around $2 billion on average daily, but according to Zhao, the exchange does not operate in the US.

„We have always blocked access to the US, but users sometimes find smart ways to get around our lockdown and we need to be smarter at blocking it,“ he said. „We are constantly improving our lockdown. There are a few guys who want to get around our lockdown and use the platform, and we need to come up with smarter ways to define them.

Binance stopped serving American traders in September 2019 due to regulatory risks. The exchange later launched the Binance.US platform for American traders. In an interview for Bloomberg, Zhao said that Binance.US is a separate entity that has been licensed to use the technology and the Binance brand.

However, according to The Block, until November 2020 Binance.com allowed American users to access its platform. All a US resident had to do was click the „I am not [American]“ button to create an account at Binance.com. At the end of October, Forbes published an article stating that the Binance.US platform was used to evade US regulation.