\n<\/p>\n
The ledger function and immutability of blockchain are precisely the features that make criminal activities in such technologies unattractive, explained persistent crypto bull and Binance founder Changpeng Zhao.<\/strong><\/p>\n Despite being commonly cited by crypto pessimists as the reason to avoid adoption, the idea that blockchain technology enables crime is a \u00abcomplete myth\u00bb, according to Binance CEO\u00a0Changpeng \u00abCZ\u00bb Zhao <\/strong>in an interview with\u00a0\u00abAFP\u00bb at a Paris-based tech conference.<\/p>\n \u00abWith large data, you can really figure out who owns which address with a fairly high degree of certainty,\u00bb he explained, highlighting that his firm worked with various law enforcement\u00a0agencies worldwide. \u00abBecause of that, most criminals do not use blockchain for criminal activity. It’s just a very bad tool.\u00bb<\/p>\n Unchartered Territory<\/strong><\/p>\n According to Zhao, the nascency of blockchain technology has created difficulties for regulators and it could take decades before market rules and requirements are settled.\u00a0<\/p>\n \u00abThe regulators don’t know what to regulate,\u00bb 44-year old China-born Canadian Zhao said. \u00abWe have to wait for the industry to develop a little bit and then figure out the regulations.\u00bb<\/p>\n Not Unexpected<\/strong><\/p>\n Zhao said the recent crypto turbulence felt \u00abdoes cause worries\u00bb but it is nonetheless \u00abnot unusual\u00bb noting that the market, just like equities, goes \u00abup and down\u00bb.\u00a0<\/p>\n On how Binance has been able to remain resilient in the midst of a shrinking market \u2013 the firm recently announced that it would hire for 2,000 jobs<\/a> while competitors were cutting headcount \u2013 Zhao said that \u00abvery frugal\u00bb practices played a key role.<\/p>\n \u00abWe didn’t spend heavily on advertising, we didn’t name stadiums, we didn’t sponsor Super Bowl,\u00bb he said.<\/p>\n Mainstream Future<\/strong><\/p>\n Although Zhao was reluctant to forecast the short-term recovery of crypto asset prices which have plunged by $2 trillion in seven months, he remained bullish on the market in the long term. He cited various applications such as fundraising for startups, income generation for artists and inclusion of the unbanked.<\/p>\n \u00abI believe in 20 years everybody will be using blockchain technology for transacting value,\u00bb he said. \u00abBut they may not even think about it.\u00bb<\/p>\n <\/p>\n \n<\/div>\n