10 Questions for Changpeng Zhao: Where to Go Next (with Interview Transcript)

Author: Chain Master

Just as everyone was sleeping, CZ, who was longing for the entire industry, was released from US regulators.

Although he refused to be interviewed, a Binance spokesperson told the media: "We are very happy that CZ will go home with his family. Although he does not manage or operate Binance, we are very happy to see what he will do next."

So far, CZ has ended his 4-month prison life, and his next destination has become the focus of attention. However, according to the settlement agreement reached earlier, CZ has resigned as CEO of Binance and is not allowed to participate in any "daily" activities of the company in the future.

This agreement seems to restrict the subsequent development of Binance and CZ, but in fact it brings more choices to CZ himself and creates more possibilities for Binance, which is not a bad thing.

First, after being released from prison, CZ is no longer just the CZ of Binance, but the CZ of the industry. He has the energy to devote himself to education and other fields, bringing more growth to the entire industry.

Secondly, in the 4 months without CZ, Binance has completed the de-CZization and has moved forward steadily under the leadership of professional manager Richard and co-founder He Yi. There may be more new explorations in the future.

It is worth noting that although CZ will not directly participate in the company's operations in the future, he is still the largest shareholder of Binance and has a say in Binance's major decisions within the scope allowed. In other words, CZ has been with us from beginning to end, just retreating behind the scenes.

Referring to Fortune magazine's speculation, CZ's first stop after being released from prison is likely to be Dubai or Paris, because his children live there with their mother He Yi. In the future, he will devote more energy to family and charity. More detailed information may appear in the next few months for the Giggle Academy project initiated before imprisonment.

In any case, CZ's return is good for the entire industry, and I look forward to CZ continuing to shine in the Web3 world.

Finally, at this special moment, I would like to share some of CZ's views in the interview with "Wang Feng Ten Questions" in June 2018. The interview was in the WeChat group at that time, in the form of text AMA, and this was also the first time I had close contact with CZ.

The background of that interview was that FCoin suddenly emerged and became the world's No. 1 in trading volume (the sum of the second to seventh) in just 15 days with its "trading is mining", triggering a war of exchanges.

Objectively speaking, the impression of CZ at that time was more of a businessman who would fire at friendly companies for the benefit of Binance. However, six years later, when we witnessed the collapse of FCoin and the bankruptcy of FTX, you will find that many of CZ's views are forward-looking and he is good at thinking about problems from the perspective of the industry and providing solutions.

The following is part of the essence of the dialogue of "Wang Feng's Ten Questions to CZ" that year, Enjoy:

1. About Binance's establishment of an exchange in Uganda

Many people are eyeing developed countries where it is easy to make money, but Binance wants to delve into the industry and popularize blockchain and digital currency to all parts of the world at its own pace.

What we need to do is to make the bridge as wide as possible, so that more and more people can come in more easily. There should be more and more countries and regulatory authorities supporting digital currencies, so that the entire industry will grow.

2. About the exchange war caused by FCoin

Any business model must be able to last if it is to succeed.

Don't worry about the threat brought by FCoin. The final competition depends on products and services.

Affected by the supply and demand relationship, the transaction-mining model will fall into a vicious cycle. It is not easy to hold on for so long.

3. About the low rate of breaking the issue price of Binance

The most important thing is to have a brand effect, and what you do must be positive to form a cycle of positive energy.

Strict review is the second link. Binance's coin listing team works hard to research projects, and even so, they will make mistakes, but the number of mistakes should be the least.

Treat industry veterans equally, and offend many people for this, but Binance's principle of protecting users first will never change.

4. About the difficulties encountered by Binance

Binance has a very international team, and it is important to understand international user habits and international culture.

Most Chinese people may only see China, but the world is actually quite big. If you travel around the world, you will find that most countries now want to attract blockchain companies and digital currency exchanges.

Many countries and regions have very high support for digital currencies, but their energy is limited and they cannot connect with all of them one by one.

5. About my old partner He Yi

In my eyes, He Yi is "a man who could have made a living by his looks, but chose to fight for his ideal", and it is not a personal ideal, but an ideal of really wanting to do something meaningful.

From the very beginning, I knew that there would be no problems in the cooperation between the two sides. I can't do what she can do, and I don't have the ability she has.

Always find people who are more awesome than you, give them space, responsibility and rights. Our concepts are consistent, so it's easy.

6. About trading

Trading is the blood and heart of an economic system. The exchange should be more like the heart, so you can directly see its impact on the entire economy. I have always liked this.

The trading platform must have a bottom line, not participate in transactions, not manipulate the market, and provide users with a fair trading environment. What I will do is to run an exchange. I know how to be a very fair exchange. We must make this industry right.

7. About financing disputes

I will not evaluate a person or a company individually, but one thing I can say is that traditional investment institutions are very old-fashioned and unfriendly to startups.

That era should have passed. Now the right to speak should be in the hands of entrepreneurs. Good projects and good teams will never lack money.

8. About exchange fraud

Now there are too many fake transactions, a lot of fake transactions, which is not good for the industry, and it seems that our industry is very fake.

A truly powerful person will not shout that he is the best expert every day. In the context of non-trading purposes, the more correct expression is that we do not care about being the first. We care more about how much infrastructure work we have done for this industry, rather than harvesting behavior.

9. About public chains and decentralized exchanges

Public chains will definitely be a trend in 5, 10, or 20 years, so we will not give up on really good models. We embrace change and innovation.

The performance of the public chain is not fast enough at present. In the short term, large trading volumes should still be on centralized trading platforms. Decentralized trading platforms may have to wait a few years before they become mainstream.

10. About IPO and traditional finance

Binance has no IPO plan. The IPO of the traditional financial industry has become a tool for financing or early investors to get out of the predicament. Blockchain has brought us to the next era.

Digital currency exchanges will run in parallel with traditional exchanges for a while. The former is much less mentioned than the latter, and it is a bit early to say that they will replace them. It is difficult to predict what it will become in the future. Just focus on doing well now.