CZ Says He Got One Thing Completely Wrong Building Binance
Changpeng Zhao (CZ) built the world’s biggest crypto exchange. But he says his biggest mistake had nothing to do with technology.
The Binance executive told the Talking Tokens Podcast that he underestimated law, compliance, and politics. Looking back, he wishes he had learned the rules first.
He Was Just a Tech Guy
Zhao spoke on the Talking Tokens podcast, nine years after Binance began. He started the exchange in 2017 and reached the top within months.
Then came a simple question. What would he tell his 2017 self? He pointed to the law.
“Before like 2017, I was just a tech guy. I was focused on building a better product and protect the users, but I think I misjudged the importance of the legal aspects of it, which is a weak area for me.”
Follow us on X to get the latest news as it happens
CZ’s Biggest Mistake Was Not the Product
Zhao knew how to build products. He did not know the law. That became a problem as Binance grew worldwide.
“I wasn’t very knowledgeable on international laws and how different countries apply laws. Some US laws apply globally. Some. And they also have a very long look back period.”
… Continue reading the full article at the original source below.
