CZ: Binance Has No Plans To Offer Stock Trading

CEO Changpeng Zhao said that Binance is solely focused on Web3 and is eyeing acquisitions, not offering securities trading.

“We are a pure Web3 company,” CZ said

Regardless of how many new users it attracts, Binance has no plans to open stock trading.

Sharing on Decrypt’s latest gm podcast, CZ is blunt that it is neither right nor wrong for cryptocurrency exchanges to offer this feature, but he stressed that trading shares does not fit with philosophy of his company.

The above statement was made in the context of a strong correction in the market, some organizations have started to redirect development to attract more users to them. FTX started opening 0% commission stock trading and stablecoin securities payment gateway in mid-May.

Binance has always drawn significant boundaries with some direct counterweights.

“We don’t have any plans on doing stock trading,(…). We just think that we’re not running a fiscal broker store anytime soon.”

While stock trading is a fertile ground for many retail investment platforms such as Robinhood and Webull, CZ is still at the helm of the Binance boat focusing on promoting Web3.

“We are a pure Web3 company,(…). We’re not going back, we’re moving forward.”

The CEO also expressed that Binance is eyeing a number of potential acquisitions and none of them will be involved in traditional stock trading. The deals targeted will be “simpler” than companies with a loan structure or a complex bailout.

“That is not to say that complex deals are bad,(…). But my preference is always keep everything very simple, very straightforward, boil everything down to very basic core principles, and go from there.”

It was a statement by CZ likely alluding to the $500 million line of credit extended to bankrupt crypto broker Voyager Digital by Alameda Research, founded by crypto billionaire Sam Bankman-Fried, also the CEO of FTX.

In May, Bankman-Fried bought a 7.6% stake in Robinhood, and Bloomberg reported last month that Bankman-Fried was interested in buying the stock and crypto trading app, but he dismissed the rumor, stating that there were “no active M&A conversations about Robinhood currently taking place.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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