Binance CEO Changpeng Zhao (CZ) has criticized his peers in the cryptocurrency industry who focus on financial gains rather than the advancement of the industry’s underpinning technology.
CZ’s comments, while not directed at FTX and its collapse, do suggest he has noted an obsessiveness with getting rich, at the cost of introducing products that will inspire trust in consumers and help with onboarding.
Speaking at the World Economic Forum in Davos on Wednesday, CZ said: “When the tide recedes, all the hype goes away, and it’s the fundamentals that matter.”
Binance has faced some pressure of its own, with investigations opened in the US against it, albeit mostly in secret.
The exchange also admitted that its flagship stablecoin, BUSD, wasn’t always covered by reserves, which is an omission in its commitment to ensuring that consumers are safe.
However, CZ cautioned that the industry should also be moving carefully and slowly lest it causes too many major disruptions.
He stressed that the thinking should go away from the idea of a single “currency, blockchain, or exchange” and move to building a robust underpinning technology that allows crypto to evolve further in its pursuit of being of service to customers from all over the world.