Blockchain News

CZ Makes Surprise Visit to Binance Meetup in Dubai

Notably, CZ explores the potential future of Binance as a decentralized exchange.

Surprise Visit in Dubai

CEO of Binance, Changpeng Zhao (CZ), dropped into the Binance Meetup-Dubai to answer questions from the Binance community in the Middle East and North Africa (MENA) region. 

Topics and questions drew from the influence and potential of Non-Fungible Tokens (NFTs), the vision for Centralized (CeFi) and Decentralized Finance (DeFi), Binance’s role in the MENA region, and more. CZ was as open as ever in his responses.

“Today, 99.99% of value is still held in fiat. We have to have ways to bring that into the crypto space. To do that, we have to integrate with the existing financial system [...and] in order to do that, we had to become a centralized entity to get licenses, etc.,” CZ said.

CZ appears to indicate that Binance is not antagonistic to DeFi. He believes that DeFi is the future and that Binance’s current appearance as an overtly centralized entity is potentially transitory and open for development. 

Source: CZ in Dubai at the AMA event

Binance has received criticism for its centralized status, one that has significantly fewer validators than its Ethereum or Bitcoin counterparts. CZ sees this centralization as an important step to reaching a more decentralized state. In some sense, Binance could be playing the role to help boost DeFi within a long-term vision.

“But working towards centralization does not mean that we don’t believe in decentralization. It means we want to progress on both fronts[...] We need to have a bridge to allow money to flow in and out, but at the same time, the future is decentralization.

First in Years

The meet-up held on Oct. 16 at Five Palm Jumeirah Dubai ran together with Binance-Dubai and came at the tail end of the World Blockchain Expo in the Emirati capital. Many bemoaned that the expo lacked considerable star appeal so the event with CZ was a welcoming surprise.

CZ admitted this was the first major Binance meet-up he has attended since the Covid-19 lockdowns. He maintains residency in Singapore which he said continues a strict two-person public allowance for gatherings. 

The meet-up also had presentations by: 

  • Dr.Chitral Patel - Growth and Operations Manager of Binance
  • Alexandre Dreyfus - CEO of Chilliz and
  • Samy K. - Binance Smart Chain Ecosystem Development
  • Amrita Sethi - Dubai’s First NFT Artist
  • Roundtable hosted by David Princay of Binance alongside Mehdi Amari from, Aniket Jindal of Biconomy, and Abdul Alim of BitBlaze. 

For a full viewing of the Binance Meet-up, check out the recording on YouTube

Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto!

How would you rate this article?

Related News