Bitcoin
subscriber He is now a crypto asset and blockchain advisor at Forbes and has successfully navigated the Bitcoin and cryptocurrency markets.
Bitcoin prices, after losing their highs in the first half of the year, showed a disturbing picture of a “cross of death” with Ethereum prices.
Now, after Coinbase's CEO unveiled a "significant" update on Bitcoin this week, Binance CEO Changpeng "CZ" Zhao has issued a "frank" warning against the loss of the "fiat path" that could put pressure on Bitcoin , Ethereum and cryptocurrencies in general. Markets.
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Speaking at the Crypto Singapore conference, CZ was asked what the biggest challenge will be in attracting the next 100 million users to the Bitcoin, Ethereum and cryptocurrency markets.
“Today, frankly, it's really one-sided,” CZ said in comments reported by Insider , referring to how people are moving from traditional banks to cryptocurrency exchanges. “Earlier this year, as regulations tightened, we saw the emergence of traditional institutions offering more fiat channels.”
The US banking crisis earlier this year led to the closure of crypto-friendly banks Silvergate, Signature and Silicon Valley, prompting many overseas cryptocurrency exchanges and companies to seek banking partners.
Although Wall Street giants like Blackrock
And Fidelity will expand its bitcoin and cryptocurrency services, many banks are reluctant to do business with cryptocurrency companies if their reputation is tarnished by the decline in market prices of bitcoin and cryptocurrencies, as well as the large FTX exchange.
The traditional financial services sector's exit from the cryptocurrency market has been dubbed "Operation Chokepoint 2.0" by some in the cryptocurrency industry, who fear it is being driven by the U.S. government and regulators. The original Operation Choke Point in 2013 was a U.S. Department of Justice initiative aimed at preventing banks from doing business with gun dealers, moneylenders, and other companies deemed primarily at risk for fraud and money laundering.
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Meanwhile, the Securities and Exchange Commission (SEC) has launched a crackdown on cryptocurrency companies, including the world's largest cryptocurrency exchange, Binance.
In June, the SEC sued Binance, its US subsidiary and US rival platform Coinbase, for violating securities laws.
Binance.US CEO Brian Schroeder suddenly left the company at a time when the exchange was laying off a third of its workforce. Days later, Krishna Juvvadi, Sydney Majalia's general counsel and chief risk officer, left the company , the Wall Street Journal reported, citing anonymous sources.
Last week, senior Federal Reserve official Michael Barr warned that he was "very concerned" about the $120 billion stablecoin market, which has grown in recent years and is closely tied to Bitcoin, Ethereum and other major cryptocurrencies.