Binance CEO, who said “I hope you did not panic sell” last week, when Bitcoin exceeds $ 21 thousand, warns crypto money investors about one more thing.
Message from Binance CZ to crypto investors
On September 15, the cryptocurrency market went into free fall after the Ethereum merge was completed. Seeing the rise as a “sell the news” opportunity, investors drove the Ethereum price down more than 10%. Bitcoin also lost double-digit value at the same rate. The fact that leading cryptos are trading in the red has dragged the altcoin market with it. Bitcoin and Ethereum bottomed at $19,400.08 and $1,415.58, respectively.
Meanwhile, the Binance CEO’s message during the decline highlighted his confidence in the long-term:
If you want to get rich quick, don’t touch crypto.
If you want to become rich quick, don't touch crypto.
— CZ 🔶 Binance (@cz_binance) September 17, 2022
CZ also touched on the White House’s energy report. In his statements on Twitter, he included statements supporting US President Joe Biden.
CZ supports Joe Biden’s regulatory policy
In March, US President Joe Biden asked federal agencies to analyze the crypto market to design better regulations that protect users. Six months after Biden’s order, government officials released reports covering proposals for a crypto regulatory framework.
The reports released on Thursday have faced criticism from several crypto companies to the corners of the crypto ecosystem for lacking clarity. Contrary to these claims, Binance CEO praised the first government documents on crypto regulation. He also aimed to work with legislators.
The US’s whole-of-government approach to crypto regulation will bring much-needed consistency and clarity vs the current patchwork of state laws and regulations that govern this space. (3/9)
— CZ 🔶 Binance (@cz_binance) September 16, 2022
CZ said in tweets on Saturday:
The entire government approach to US crypto regulation will bring much-needed consistency and clarity to the current state laws and regulations governing this space. The right regulations will drive technological innovation and safeguard crypto’s core value propositions of freedom and empowerment while ensuring the right railings are in place for consumer protection and choice.
CZ adores collaboration with global cryptocurrency regulators
The US’s growing focus on financial crime in crypto and its plans against bad actors received particular praise from CZ. Referring to the proposed policies, the CEO expressed his intentions to welcome and comply with the new regulation. Conversely, several crypto industry leaders, including the Blockchain Association and Crypto Council Innovation, criticized the reports highlighting the new rules being considered. For example, the Association found that the report lacked “important recommendations” and launched the Executive Board. The director said the report focused too much on risks.
Likewise, Sheila Warren, CEO of the Crypto Council For Innovation, said the recommendations were not as clear-cut as they should have been and were “outdated and unbalanced”. In particular, Zhao always supports and cooperates with the world’s legislators. For example, he also praised the European Union’s Crypto Assets Market (MiCA) rules during Binance Blockchain Week in Paris last week. CZ added that this will become “a global regulatory standard.”
So far, cryptocurrency exchange Binance has licensed various regimes across Europe, such as Italy, France, and Spain, and has faced licensing hurdles in the UK and Netherlands.
