What's Next For Binance The New CEO

avatar of @bitcoinflood
3 min read

I only got involved with Binance myself as a means of having to when CubDeFi launched. Before that I never touched BNB or BSC (Binance Smart Chain). While Binance did have some nice perks to it mainly lower gas fees compared to that of Ethereum that was it's only real main attraction in which many DeFi platforms then were built around and applications used.

While BNB did take a hard set back from the news break it still is the #4th rather crypto in terms of market cap and is holding it's price so far from earlier this month.

Why do I write about BNB today? Well a good part of it has been integrated and decently used for the Hive blockchain.

CubDeFi offers up a way to exchange LEO, HIVE and HBD on it's platform through liquidity pools it's one of the few exits and entries from hive at the moment so BNB plays a pretty decent factor there.

It's also used pretty heavily with Splinterlands In which I just used it last night to pick up over 200,000 DEC to start prepping for the land release tomorrow.

So you can see that Binance has a number of tentacles into Hive in which are used pretty heavily.

What Happened With Binance?

A major downturn in price is because of the SEC ruling in which the Old CEO CZ (Changpeng Zhao) pleaded guilty. His sentence is a multi billion dollar fine along with up to 18 months of jail time. It also includes him stepping down as CEO and for Binance USA to have a complete exit from the United states.

Now that doesn't mean that USA people can't get their hands on and use BNB there's still PLENTY of options to do so. However that still sent some shockwaves into the crypto world and does put a fair amount of uncertainty into Binance and it's investors.

What's Next For Binance?

The new CEO of Binance who is Richard Teng. His first blog post as CEO can be found in full here My First Blog as Binance's CEO so let's take a moment and recap this and weigh in some of our own thoughts into this mess.

It's important to note that this mainly focuses on the centralized exchange Binance. Which in my opinion centralized exchanges have their days number and a move to DEX platforms is in full swing. So pure speculation that perhaps the company will work towards decentralizing itself. However it based out of a country were centralization is at its core.

A primary focus for the next CEO is web3 or at least what they reference as web3 as that term is so loosely thrown around now it's unreal.

It does seem like a focus will be on decentralized applications, user privacy and lowering transaction fees. But there's the other side of it in which he states a number of times and that's to work with regulating clarity moving forward and to also focus on global policy.

These things often go well with large financial investors however go in the face of everything web3. It almost sounds like he's trying to appeal to everyone and being extra clear on compliance with the USA and other regulations. Not such a great look IMO but one that many will undoubtably fall for.

Right now it's still very unclear on the direction and next steps of binance and that uncertainty will most likely trigger selling off as people simply don't like the unknown.

Posted Using InLeo Alpha