Binance CEO Expects Heavy Trading Volume – On Wednesday, CEO Changpeng “CZ” Zhao announced that Binance is preparing its platform to accommodate a surge in trading volume expected in the coming months. “If we look at historical patterns, we want to be prepared for higher volumes,” he said during a Twitter Spaces “ask me anything” event, adding that the company is doing “a lot of preparation” to ready its systems for increased activity over the next six to 18 months.
According to Zhao, there has been a notable increase in trading volumes in recent weeks, in contrast to the challenging period that began in November following the collapse of the FTX exchange. The recent surge can be attributed to various factors, including the emergence of new filings for spot bitcoin ETFs and the anticipation surrounding the Bitcoin halving event slated for April or May of 2024.
Zhao said bitcoin has seen four-year bull cycles based on historical patterns that suggest the next bull run could occur in 2025, as “the year after Bitcoin halving is usually the bull year.” He noted that it’s hard to predict the future. Zhao remains bullish on crypto over the longer run. “We’re still very early.
I think the industry still has a lot of room to grow,” Zhao said. “So I’m always bullish. I’m a builder, so I always have a positive outlook on things.” Still, if the bear market were to continue, Binance has “stamina to last,” Zhao continued. Presently, the company is entangled in a legal dispute with regulatory bodies in the United States.
The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have both filed lawsuits against Binance and CEO Zhao, accusing them of violating federal laws. Regarding these ongoing legal proceedings, Zhao expressed Binance’s intention to pursue a resolution that is prompt, fair, and satisfactory for all parties involved. The company aims to find a solution that is efficient, reasonable, and mutually agreeable.
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