Changpeng Zhao: As a ‘Pure Web3 Company,’ Binance does not intend to offer stock trading.

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Last Updated on July 18, 2022 by Bitfinsider

As the cryptocurrency market continues to fall, some companies have shifted their focus to providing new features to users. In May, FTX began allowing clients to trade stocks in accounts funded by stablecoins.

“Some exchanges want to return to stock trading,” CZ said, clearly referring to FTX. “”We have no plans to engage in stock trading,” CZ stated. “We’re not going to open a fiscal broker shop anytime soon.”

While stock trading has proven to be a lucrative market for many retail investment platforms, such as Robinhood and Webull, CZ believes Binance should focus on developing more Web3 tools.

“We are purely a Web3 company,” CZ stated. “We’re not looking back; we’re looking ahead.”

The CEO went on to say that Binance is looking at a few companies as potential acquisition targets during the bear market, but none of them involve the exchange of traditional equities. CZ also stated that the potential transactions would be “simpler” than a complicated loan structure or bailout.

“That is not to say that complex transactions are bad,” CZ clarified. “However, my preference is to keep everything simple and straightforward, to boil everything down to very basic core principles, and then go from there.”

He also commented directly on Sam Bankman-Alameda Fried’s Research’s $500 million line of credit extended to bankrupt crypto broker Voyager Digital: “I would never do that type of deal.”

Bankman-Fried purchased a 7.6 percent stake in Robinhood in May, and Bloomberg reported last month that he was interested in purchasing the stock and crypto trading app outright, but he denied the rumor, stating that “no active M&A conversations about Robinhood are currently taking place.”


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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