"Quite logical, but what is your view on the issue discussed by CZ?"
Binance Chief Executive Officer (CEO) Changpeng Zhao (CZ) in Twitter's "Ask Me Anything" (AMA) session shared insights and insights related to Binance and crypto, including the Lightning Network, Bitcoin (BTC) mining plan, regulatory challenges, memecoin etc.
CZ is of the view that every crypto exchange should support the Lightning Network as it is essential for Binance Pay and other different wallet services.
However, he has absolutely no intention of participating in BTC or crypto mining activities as it has some challenges such as high electricity costs, but it should be remembered that Binance has operated a mining pool* and not a mining farm**.
*A group of miners who work together as one entity to increase their chances of mining blocks and share rewards with each other in proportion to the computing power contributed by them
**Coordinating with a group of miners in a space consisting of several computers where they can efficiently work on their hash code together to mine BTC
Next, CZ criticized the regulation of the United States (US) and India which makes it difficult for investors including banks to transact with crypto after there are still no clear rules and guidelines related to digital assets.
Following the lack of interest in memecoins, non-fungible tokens (NFTs), metaverse and other projects, he also thinks that people should not invest in memecoins and follow YouTubers who ask for money or invest in something crypto.
In the meantime, the CEO of Binance also plans to expand its services in the United Arab Emirates (UAE) and Hong Kong following its crypto-friendly regulators and making every effort to increase the use of digital assets.
There is no denying that Hong Kong regulators have fulfilled their goal of making the city a hub after many cryptocurrencies successfully applied for licenses and retail investors were allowed to invest in digital assets such as BTC and Ethereum (ETH).
While the landscape in the US remains confusing even though several presidential candidates have promoted BTC because the level of support from them as well as Congress has always been low.
