CZ vs. SBF: How Does the “Battle of Crypto Titans” Affect the Future of Exchanges?
XREX promo code below
Is there a winner in the “battle of crypto titans”? In the book “Infinite Storm: The Rise and Fall Symphony of the FTX Empire,” which chronicles the story of FTX’s rise and fall, author Michael Louis describes the attitudes of FTX and Binance, two exchanges, towards “regulatory compliance.” He writes, “Binance is like the bully in class, while FTX’s unique ideas are like the oddball.”
Going back to 2021, the book describes how SBF believed that obtaining licenses and complying with regulations would eliminate non-compliant competitors, while CZ, the founder of Binance, ignored new regulations. Winston, co-founder and Chief Revenue Officer of XREX, mentioned in this episode that the two individuals were not completely opposed in their regulatory attitudes, and in the battle between offense and defense in the business world, the oddball might really be an oddball, but who the bully is remains to be seen.
Winston believes that “the essence of the law is to restrict human behavior, while technology changes human behavior,” and regulatory risks are challenges that the startup industry must bear.
With the establishment of the Virtual Currency Association, Taiwan officially entered the era of regulation in 2024. Winston, the Vice Chairman of the association, observed that regulatory agencies in Taiwan actually have a high level of understanding of the industry. “They (regulatory agencies) absorb new knowledge quickly, but they don’t overly trust the industry.”
The overall development is like a skit poem. Although the speed may be a bit slow, it can steadily and leisurely progress.
In the era of regulation, centralized exchanges will gradually embrace regulation. Operators who first comply with the rules and obtain licenses can build a “moat” in business competition. On the other hand, regulation will also stimulate the rapid development of the “decentralized” market.
The showdown between the “bully” and the “oddball” described in the book may not have a true loser or winner, and this kind of competitive relationship will continue to play out.
Winston analyzes that in the end, the development of exchanges will see coexistence of centralization and decentralization, each with its own characteristics and advantages. In the era of mass adoption of Bitcoin, when everything has order and clear rules to follow, centralized exchanges will leave the wild west era and move towards a more institutionalized direction, with regular troops and large institutions gradually entering.
Web3’s Great Western Advance
Hosted alternately by Wayne Huang and Winston Xiao, co-founders of XREX Exchange, and Yoyo, Senior Director of Communications at XREX Group, “Web3’s Great Western Advance” provides an understanding of the concept of decentralization and a comprehensive view of the Web3 world from various perspectives.
Summary of this episode:
In terms of compliance, what are the epoch-making meanings and impacts of the divergent ideas of CZ and SBF in 2021?
Who is the “bully”? Who is the “oddball”? It’s hard to say.
How do laws restrict human behavior, and how does technology change human behavior? How do businesses and governments interact with each other?
Can “landing in various markets” build a competitive moat?
What is “regulatory risk”? How should exchange operators control it?
The great showdown between centralization and decentralization! What will the future of exchanges look like?
The first physical gathering of “Web3’s Great Western Advance” is here! Openly solicit the topics you most want to hear.
Co-produced by XREX Exchange and “WEB3+” under the Digital Times, the podcast program “Web3’s Great Western Advance” is about to reach its 50th episode!
“Web3’s Great Western Advance” will hold its first offline gathering in the fourth quarter of 2024. What topics would you like to hear the three hosts discuss live? Do you have any feedback you would like to give us? Please fill out the form below to let us know your thoughts.
What topics would you like to hear at the “Web3’s Great Western Advance” offline gathering?
Fill out the questionnaire to tell us.
Download XREX for exclusive benefits
Thank you for your support of the “Web3’s Great Western Advance” program. Your listenership is the driving force behind every episode we produce. To thank our loyal listeners, XREX is offering a discount code! Simply use the referral code WEB3GOWEST when registering on XREX to enjoy a 20% discount on trading fees at XREX Exchange! Registration link:
https://xrex.onelink.me/4TVn/web3gowestpodcast
Sign up for XREX Academy
XREX Academy offers a four-week systematic free course to learn the basics of blockchain and cryptocurrency!
Sign up here
https://new.xrex.io/academy
Join XREX’s “Cryptocurrency Beginner Village”
If you are curious about cryptocurrencies and want to learn more, don’t miss XREX’s latest learning community, the “Cryptocurrency Beginner Village”!
By joining the “Cryptocurrency Beginner Village,” you will:
– From 0 to 1: Gradually understand the principles and practical knowledge of cryptocurrencies through beginner-friendly topics.
– Flexible learning: Access valuable market insights and the latest developments anytime, anywhere, and easily unlock practical skills.
– Community interaction: Interact with like-minded learning partners, share experiences and insights, and progress together.
Whether you are a beginner in cryptocurrencies or an enthusiast looking for further understanding, the “Cryptocurrency Beginner Village” will be your ideal learning platform.
Click here
Join XREX’s “Cryptocurrency Beginner Village” and embark on your cryptocurrency learning journey together!
Follow XREX Community
All official XREX communities:
https://portaly.cc/xrex.io
Unitas stablecoin discussion group:
https://t.me/unitasprotocol
Download XREX app:
https://xrex.exchange/app
Music source
MusicbyAden – Earth
Download: Musicbyaden – Earth
Earth by MusicbyAden is licensed under CC BY-SA 4.0CC
Content in this unit is co-produced by XREX and “WEB3+”.
