CZ 迪拜问答：加密支付、下周期机遇、日常习惯、人生愿望等

[music] Yeah. Yeah. Yeah. Please, please grab a

Yeah. Yeah. Yeah. Please, please grab a seat.

First, I just want to welcome everybody to be here flying across from across the world to here to meet with us. Nina

here, the executive director of growth at BB Chain. And today, we have the absolute most pleasure to have CV, one of the earliest contributor of B&B chain here with me on the stage. Um,

unfortunately we have a hard stop at 2:45 today. So before I we dive into the

2:45 today. So before I we dive into the Q&A part, I'll just uh remind everybody to be mindful of each other's time and do not ask repeated question. Uh, and

without further ado, uh, my colleague will be passing the mic around. If you

have question, please raise your hand.

Anyone want to go first?

>> Uh, thank you so much uh for us. Um I

have a question. What problem in everyday life crypto still hasn't solved and how do [clears throat] we get there in the next three to five years?

>> Uh okay that's a very good question. Um

I think payments is a obvious obvious one. U you know Bitcoin's white paper is

one. U you know Bitcoin's white paper is just electronic cash payment system and many people have tried to do payments but um so far we haven't got there. Um I

think Binance Pay is fine. there's Bit

Pay, there's a there's a bunch of different projects flying, but today it's a chicken and egg problem. Um, the

volatility of the Bitcoin price, other cryptocurrency price. Uh, now we have

cryptocurrency price. Uh, now we have stable co um but ideally we want people to pay in the in the in the in the crypto. I think the the technology

crypto. I think the the technology solutions there uh but today uh due to various factors is not taking off yet. I

believe the um one way one potential way is to integrate with a traditional payment grid. Uh you know the Binance

payment grid. Uh you know the Binance card that's that's why people like it.

You swap your card the merchants get fiat and you get crypto or you get in crypto. Uh those kind of conversions uh

crypto. Uh those kind of conversions uh are good. Um but unfortunately we lost a

are good. Um but unfortunately we lost a well Bas lost most of the Binance card uh during the regulatory crackdown during the Biden administration. Uh so

but now they're coming back. So

hopefully within the next couple years won't be a good that those kind of solutions will be popular again. Um

[clears throat] so yeah this but I think again there's many many different solutions for the problem but I think that's probably >> anybody else.

>> When you first founded finance what was the model you envisioned and where where does it stand today? what turned out to be biggest misconception and which

prediction proved most accurate?

>> Um, okay. I think it's very hard to predict the future. Uh, when we first founded Binance, my original goal was for Binance to be the top 10 exchange in three years. It

got to the top one in five months. Um,

and then um, we thought about having a sort of physical office in the beginning and then we found out that's actually probably not a good idea. So we wanted to fully decentralize Binance to the

point where we said look we have no headquarters etc etc and then later on we found out that's a problem with regulators too the regulators want to know a headquarter um so then we kind of

reverse course again um so I think there's a lot of back and forth due that journey um right now I think the central we're pretty clear now centralized exchanges are fully reg regulated they

have headquarters they have offices etc um whereas um but right now the onchain solutions are more popular well popular as Well, so uh uh I think the fully decentralized solutions will will

continue to grow as well. So uh if if if we can go back in time things will be much clearer the second time we'll do it.

>> Thank you.

>> Uh hi CZ I'm Kevin from Indonesia. I

want to ask you a question. Uh what kind of projects of or founder you think will rise in the next cycle and which kind of will disappear?

Um so well that's a fairly broad generic one. Um but I think number one is u uh

one. Um but I think number one is u uh product well product driven funders who who focus on product by by product I mean product that people actually use.

So people have focus on users um and uh ethical driven funders will will continue to stay and also um founders who are not afraid of hardship. Um you

know crypto has a lot of volatility um um we are probably in a bull market.

We're probably in a bull market today.

Uh but eventually there will be a bare market, there will be another bull market, there will be a bare market and also in different countries uh regulations like sometimes positive, sometimes negative, they'll oscillate uh

over time. So I think the founder who

over time. So I think the founder who who persevere uh will eventually win. So

I think basically look for founders who have real products who are who care about the users and who are here for the long run.

Let me try this side.

>> [clears throat] >> Cece after going through a lot of struggles, you have built one of the most powerful company in crypto. If you

ever ever had a chance to stand in front of God and say five things you want to achieve before you die, what will be that?

I think asking for five things to God is like a lot. [laughter]

If you get a one wish is probably good enough to be honest. I don't think I have a I have a lot of wishes. I think

uh also um life is fun when it's when it's unpred unpredictable uh when you don't know what's going on and when you it's not a wish that's granted you know you work hard for it um and you strive

there's uncertainty I think if you play a game if you know the outcome of the game it's guaranteed you will win it's actually less fun than if you play a game where you have to struggle a bit you have to be really careful you have

to you know coordinate and you have to be you have to do well so I think that's part of the challenges in life is actually part of the Um I do wish everyone have good health.

I think that's the most important thing.

Um and that is something that we don't fully control even though that you can form uh healthy habits but like you know uh I think health is really important.

Other than that I think you know the world is a is a fun world and I also think that because we don't have infinite life actually we have to care about our lives a lot better. If you if

you think about it, if you live forever, uh you may your time becomes less important and you may actually be uh your your life actually loses some meaning. I don't know if if that makes

meaning. I don't know if if that makes sense or not. Like if you if you if you have a chance to lose something, you actually will value better. So um I don't have I think I'm I'm already really really lucky. I just wish God to

say like don't put me in a unlucky situation already. I'm happy with where

situation already. I'm happy with where where I am.

>> Thank you, sir.

questions.

Hi CC.

>> Yeah, good to be CC. Recently they see that uh digital asset treasury companies are under a lot of pressure especially the biggest one. Uh so many people are doubting the future of digital asset

treasury companies. Do you think it is

treasury companies. Do you think it is sustainable? The model is sustainable

sustainable? The model is sustainable and Binance itself BNB has a treasury company. What is the future of that as

company. What is the future of that as well? if you can provide your comments

well? if you can provide your comments on that.

>> Sure. Sure. Um yeah, it's good to see you in person.

>> Thank you very I see you online a lot.

Um so um uh so first of all I think the D model will stay um uh the the the fundamental works. Um it's a way to

fundamental works. Um it's a way to allow the traditional companies who does not have the ability to buy Bitcoin or crypto to have exposure to crypto right and uh many companies uh many CFOs are

allowed to buy equities uh for the for the corporate treasury to to invest whereas they're not they're not really um structured or allowed to buy crypto yet. So I think that model is there. Um

yet. So I think that model is there. Um

and then within the DAT structure there's so many different type of DATs and because Micro Strategy is doing so well everybody everyone wants to copy and now there's many many details. Uh

just because you know internet one internet companies successful doesn't mean all the other internet companies are well managed. Uh different DATs have different fee structures from the management companies. Um again I think

management companies. Um again I think the lower the fee the better. Um the D companies in uh in my view should be as simple as possible but there are different models uh micro strategies

models they just buy bitcoin uh great um uh the B&B dat they they buy BNB great and B&B actually have very high yield not in the form of B&B but if you use it

properly with launchpad launch pool air drops you get like 10 15% a year which is great for a traditional equity market um but then others wants to be more

creative or want to more value ad um they think okay we're going to set set up set aside 10% of the company company money to do investments well now that's a very different business uh they will

buy different they'll they'll buy combinations of portfolios of crypto um that's a different risk structure um that depends on the uh uh skill set of

the benefit so a lot of uh so then there's a lot more variation so it's not to say not um it's not to say the do not have risk they have a lot of risk Um it depends still very heavily on the

management team on the on the structure on the philosophy etc. But fundamentally I think it is perfectly fine for uh uh for a public company to buy the top

crypto assets hold them and they will increase in value and they will create value that just do that alone coding bitcoin I think one of the best strategies uh it beats like 99% of startups uh it beats like almost every

other investment strategy for the last 10 15 years well ever since its existence so that strategy alone just buy and hold uh if you execute it be a

public company creates a lot of So the model works, the model is fine. Um but

again it depends on the it depends on the management team and what management philosophies they use.

>> Great question.

>> Yeah. Also just to add u sometimes when something's hot it gets too hot.

Everyone wants to do a DN and then it gets too many of them and then some will fail and then some some there will be there will be a drop and then but after that first initial wave the steady ones

will continue to rise. I think

from economical. I'd like to ask if you now that you have department for President Trump, you going to launch any kind of business in the US and if you're going to have something with the Trump

family. I don't know.

family. I don't know.

>> Uh okay, first of all, I don't have anything with the Trump family. Uh I'm

very appreciative of the partner from President Trump. uh it does allow me to

President Trump. uh it does allow me to allow me or us to do this business more more freely in every part of the world including the US and I it is my full

intention to uh help make America the capital of crypto. So we do and also America is actually emerging land for us because for the last few years we've been uh we've been dealing with the US

the last US government uh the Biden administration so much that we try to withdraw from the US as much as possible. We don't we try not to have

possible. We don't we try not to have any US nexus. We don't invest in the we didn't invest in the US. We try to pull out as much as possible. We do have Binance US. Uh but it's a very small

Binance US. Uh but it's a very small business right now. Um I think Binance US on the day in 2023 on the day when SEC stood them there 35% market share

versus Coinbase. Um today they're like 0

versus Coinbase. Um today they're like 0 something%. So they lost all the banking

something%. So they lost all the banking access etc. They lost a few state licenses. But now uh I my understanding

licenses. But now uh I my understanding is is fully open. So uh US is a very important market. It is a leading market

important market. It is a leading market in terms of tech talent, AI, many other technologies. But in the blockchain

technologies. But in the blockchain space the leaders are not in US today.

The largest businesses us a few other large players are not technically in the US. So uh I do I do want to uh help uh

US. So uh I do I do want to uh help uh bring many of those businesses back into the US. uh and many US investors

the US. uh and many US investors institutional investors do not have access or do not have closure to B&B and the projects in the B&B ecosystem. So we

also want to help with that. So all of that is open um and we I do fully intend to u uh to help uh the crypto businesses in the US and including investments

including helping startups including help helping the DV chain projects etc. Taiwan.

Um do I should I translate that question or quickly?

>> Um yeah so in the question is that CZ has been very very active on a even though he's a very busy man. Um question

asked how CZ stays mentally stable and healthy in such a competition.

Um for me it's pretty easy. Um I think I know that Binance our platform our ecosystems helping hundreds of millions of people worldwide. Um so we provide

financial access to people in remote parts of the world. Uh we have improved finance for many many many people. Uh

although I do see a lot of especially mainstream media negative headlines online there will always be people complain um who accuse me of this and that. But I also get a lot of thank you

that. But I also get a lot of thank you notes. Uh I get I get many many thank

notes. Uh I get I get many many thank you notes from people. Um even when I was going to court I get 160 I actually got 230 uh thank you letters of support

and when I was reading those letters I I was almost crying because uh um we actually helped a lot of people uh and that's a very small section of people we helped. So that's both sides and then

helped. So that's both sides and then when I when I read the the people who are like you know hating online etc. Uh there's really two categories. Um there

are the mainstream media who are like you know war war on crypto um you know uh crypto is bad bitcoin is used by by illicit actors etc. Those are just narratives by traditional media. That's

Wall Street. They are scared of the new technology, right? So, u and then the US

technology, right? So, u and then the US de I'm not in politics, but you know, Elizabeth Warren, the the Democrats always attacking crypto. Um even Yeah, I I don't know why. Uh I think every

American most Americans wants crypto.

So, um so that that's one camp who just like attacking crypto. There's another

camp which is like they trade and lost money, right? So again um if you make

money, right? So again um if you make investments, if you trade on tokens, you lose money, many people blame the exchange, blame somebody else. When they

make money, they say, "Okay." When they lose money, they bring they blame somebody else. I think that part I

somebody else. I think that part I sympathize for their loss, but I think they have to learn to take responsibility for their own actions.

There's no there's no exchange that can guarantee, you know, you trade and always make money. But just doesn't work that way. You buy stocks, there's

that way. You buy stocks, there's there's risk. You invest in company,

there's risk. You invest in company, there's risk. If you don't invest, you

there's risk. If you don't invest, you have risks that you're not going to make much money and you can work for the rest of your life, right? So there's

different trade-offs. Um, so once you understand the the the the fundamentals of that, I personally I went through I went through a lot of challenges. I went

I went to jail, etc. But I know that no one got hurt. There was no fraud. There

was no there was no there was no vict There was no users that got hurt because of my actions. So when I sleep at night, I sleep very well. Uh I know I'm I'm helping a lot of people. So um um yeah.

So it so I don't actually get that much stress uh out of what I actually usually don't see them online now.

You learn to like mentally filter them out. But I do want to look for positive

out. But I do want to look for positive feedback or for negative constructive feedback. Uh so people say look your

feedback. Uh so people say look your product needs improvement. Uh this this other partner you can work with this this channel you can integrate with this this other good project you investing.

For those type of negative constructive feedback uh that we can we can learn and improve on. I I do read them. But for

improve on. I I do read them. But for

the guys who are like, you know, just whining, you know, your brain just come out after a while.

>> Hi CZ, it's Rachel. Good to see you again.

>> See you.

>> Yeah. Um, wonderful. So, I'm wondering I want to know what you personally think needs to happen in order for mainstream adoption of crypto to actually occur moving forward. I've known you for years

moving forward. I've known you for years and I think we've we've come a long way for sure, but there are still challenges. So, what are those

challenges. So, what are those challenges and how can Binance help combat that?

>> Sure. I think it's a slow process, right? So, uh from what we call the

right? So, uh from what we call the mainstream uh the traditional finance, I think number one, regulatory uh uh regulatory uh frameworks have to be much more clear in many parts of the world.

Uh I'm doing a lot of work personally with many different countries like more than a dozen. Um uh so uh you know we have a team that uh consults we help you

know um many countries like you know Kenya, Pakistan, uh Thailand here um many countries on regulatory frameworks

we give feedback we uh we we we even we even do workshops with them to teach them how exchanges work, how crypto works, how how the how how the whole industry works etc. Uh I'm a personal

advisor to many different governments.

Um that's one. Um and today if you look at how many countries have clear uh really forward thinking regulations, it's still pretty small country. Um and

US is now leading which is good. Uh but

US is still just starting. The Trump has only been in power for a year. Um the

Genius Act is passed. The Clarity Act is still uh still still in progress. Um it

will happen I believe but depends on what shape or form. Also the first drafts of regulations are no then they're not going to be perfect. So it

takes time to to evolve. Um and after that the banks need to work with the crypto businesses. So we the the the

crypto businesses. So we the the the crypto is what we call crypto is really nothing new. It's just a new blockchain

nothing new. It's just a new blockchain technology. Uh we need to integrate with

technology. Uh we need to integrate with the existing financial system to grow that. That's the best way for adoption.

that. That's the best way for adoption.

And then um so there are many things like can companies hold crypto uh if they hold crypto how do they do taxes in different countries um how do they do financial reporting how does an auditor

audit that um and u so a lot of these things have to happen um and uh but it's not that it's not that hard it's actually it's it's it's there's nothing

magical about it so it will happen and then there's also uh right now there's not enough I think there's not enough development in crypto yet crypto is still

small uh sector uh it's like three four trillion um our economy um industry but you can it should it should be a three to 400 trillion at least uh uh uh

industry so we're still pretty small um so the size have to grow the payments have to come um and then a lot of other u financial products need to come so I think we're still early stages uh it

will happen but it's going to uh whenever a new technology comes online you know in 1995 people dreaming about video conferencing. Virtual reality

video conferencing. Virtual reality conferencing, all this stuff. Virtual

reality conferencing still is really not a thing yet. Uh video conferencing today still still struggle. Hey, can you see me? Can you hear me? The signal is not

me? Can you hear me? The signal is not so good. So, it takes decades for a

so good. So, it takes decades for a technology to fully penetrate and fully mature. Uh my mom doesn't even use the

mature. Uh my mom doesn't even use the internet that well, right? So, you know, uh uh so sometimes it takes a couple generations. So, I think even for crypto

generations. So, I think even for crypto for because it's so disruptive, it will take some time, but we will get there.

Hi.

>> Uh, hi CC.

I wanted to ask you a question about uh emerging economies such as my home country Peru and other countries in the region. How do you think crypto could

region. How do you think crypto could help these emerging economies uh to grow and what we need to do to maybe get these countries uh to have more

knowledge on crypto?

>> Yeah. So I think there's much more opportunities in developing countries.

Um number one is many developing countries don't have existing financial infrastructure right. So um I read

infrastructure right. So um I read reports I don't know if it's accurate or not like Africa the banking penetration is less than 11%. So that's a perfect place to and most smartphone penetration

is increasing like not double digits uh 50 60 70%. That's a perfect situation where you know they just download the app they have financial access and also many of the countries the payment rails

are not there. Um I I read in one letter that's written to me by by a person I know that he said when he started in 2017 it takes him three days to pay a bill.

He had to walk from a village to a place you know takes him three days to pay to pay a bill. Once he has crypto it takes him three minutes right? So that saves him three days every month. Um, and he

and now he has access to this new asset class that he can invest a little bit.

For him, I think he started at $50 or something, right? But then he brought

something, right? But then he brought that to $300, $200,000. $100 for

somebody in a very poor country is actually pretty decent money. So his

life improved materially. Um, so he he wrote a really detailed letter to me like that. And then in developing

like that. And then in developing countries, many countries currencies their currency is actually less stable than the than crypto. they um they uh they they go through hyperinflation, right? Again, Bitcoin, crypto, stable

right? Again, Bitcoin, crypto, stable coins provide a hedge for that. Uh so

that's another tool. So u there's many many different things that are available that um and the smarter countries are realizing because some of the poor countries they don't even have their own

currency, right? So they use US dollars

currency, right? So they use US dollars or some other currency. Um when the Fed is going to do qualitative easing pretty soon when they trade money, those countries don't get additional money,

right? So they just us if you hold

right? So they just us if you hold somebody else's currency that you don't but somebody else is printing and you don't get it you you've been diluted >> right the inflation kicks in. So um uh

so again for those countries using crypto won't be beneficial for the countries and also many uh developed countries have very young populations um so again um those guys the young

populations um they love crypto like for example I've been working very closely with Pakistan Pakistan the average age is 25 right so the population is very young um they are uh they're very

forward thinking it's a very large population and um uh they love crypto so now the government is like well we want to with the the people what we want to

give the people what they want. So um so yeah so um uh depends on the leadership.

If the leadership is forward thinking they want they want to do what's best for the country. I would highly encourage that they they do adopt crypto and we're very happy we're very we're

very happy to help.

>> Awesome. We'll take few more questions.

>> Hi CG I'm Daisy from South Korea. Last

year BBW I heard uh your session about introducing Google Academy. So, how's

the Google Academy businesses going?

>> Sure. It's not a business. Um, it's a free education platform. Uh, I had a call with them this morning. Um, um,

Google Academy serving 88,000 users uh or kids. So, u uh so basically every

or kids. So, u uh so basically every every week or so now they they're increasing about three or 4 thousand new students. So, it's growing pretty

students. So, it's growing pretty quickly. Um the platform uh they have

quickly. Um the platform uh they have about 300 lessons already and uh like two 3,000 uh story books. Um so um it's mainly available in English right now.

Uh Arab limited Arabic support was added recently. Um the story books are

recently. Um the story books are available using AI in like a lot like 30 40 languages. Um so they're still in

40 languages. Um so they're still in also increasing the number of content but also increasing the usability. Right

now the AI interactions when we just talk back um the recognition is not great. So they're working to solve that

great. So they're working to solve that as well. Um so so there's a whole bunch

as well. Um so so there's a whole bunch of uh well the team is about 60 people.

So there's 60 something people working on full-time uh and there's also about a a few hundred uh content contributors.

Um and um uh for for the first eight nine months or so we I was funding all of it. And then um uh but we want to

of it. And then um uh but we want to help we want to have an incentive mechanism for mechanism for contributors. So we opened a donation

contributors. So we opened a donation page and somebody created a memecoin.

That memecoin generated what 11 million US in donation in B&B donations to uh to Gigo. So we're trying to figure out how

Gigo. So we're trying to figure out how to spend that money to grow the platform. Uh so overall the platform is

platform. Uh so overall the platform is is growing well. Um it's not a business.

All the all the education is free. Um

and um uh if you have kids who are uh if you uh uh between two to sixish uh let them try it. I think it's very sticky.

Kids back for it and kids are learning using playing games on the platform.

They're learning they're learning vocabulary they're learning they're learning phonics the learning concepts uh etc. Uh we need to port that into more languages. Uh we started with

more languages. Uh we started with teaching English and we found that when you teach English um you can't just translate that to teaching Chinese right? you have to teach Chinese from

right? you have to teach Chinese from the way you teach Chinese. You have to teach Arabic the way you teach Arabic.

So we have to actually redo all the courses in each language for the language courses which we will do. Um so

it's also going to a number of nurseries in Abu Dhabi. Um at the direction of the country's leadership um in one of the chats I mentioned this the country leadership is like this is fantastic. Um

and he wanted to actually give money but we like look the money is not the limitation right now. And so uh the more more more places deploy is better. We

would love to add Korean as well. Uh but

again that's limited on the uh on the on our capacity to develop the the lessons.

Um and eventually I actually want to make the tool so that anyone can create those lessons themselves. U so basically it's a user generated content. Um but

creating lessons with a good animation that can stick the kids to to the lesson. Um it's a little bit

lesson. Um it's a little bit challenging. We're still working on some

challenging. We're still working on some of the AI technologies evolved. So, um,

it's actively been developed. Um, it's a it's a passion project for me. I still

spend about a couple hours a week. Um,

they have a full team, but I spend a couple hours a week with them.

>> Hi, Cy.

And on my channel, I really like to talk about generosity. Generosity. And you

about generosity. Generosity. And you

once said that you intend to donate a large part of your fortune. I'm curious

to know which social causes, houses, causes, and projects you like most and intend to donate your money to.

>> All right. So, um yeah, I think money is not the thing that we should keep. We

should use it. Uh money is the enabler to do things. Um I do I so um right now I'm working on education as the main sort of social cause. U but again I

haven't spent that much money. Um, I

spent maybe like somewhere around$1 to2 million dollars with those 60 uh employees we have. But then the donation came back with 11 million. So uh but that's not my money. I'm going to use

that for on Google on the Google platform. So um while you're doing

platform. So um while you're doing something good, it's actually um it's actually it's actually not easy not hard to raise money. So um u for my own

wealth, I have to I figure out how to do it. Um I lost my team um when u when I

it. Um I lost my team um when u when I was using Binance. I can leverage on Binance. Binance has a Binance charity

Binance. Binance has a Binance charity team. Uh right now I don't have a

team. Uh right now I don't have a charity team. Um I'm actually looking to

charity team. Um I'm actually looking to build a team again or maybe by team I probably just need one or two people uh to look at different uh u charity causes. I met a lot of really really

causes. I met a lot of really really interesting people. For example,

interesting people. For example, yesterday I met I met with Bill Mlanch Mlanchian. Um he used to be a senior

Mlanchian. Um he used to be a senior leader at a um at a VC fund but now he's um he also went through jail for some I think for some reason as well.

Um he spent 90 days in uh he spent 90 something days in solitary confinement uh for something that nobody also nobody else went to jail for in his he was like

10 year 10 years prior to me. Um so I got to know him when I was going through this process and now he's working on a social project where um he's developing

a new microbiome uh for soil. Uh many of our soil completely depleted of nutrition in most parts of the world and because we use fertilizers too heavily,

we use too much chemicals etc. And that those kind of things he doesn't he doesn't intend to make money out of it.

Um but he's looking for funding to sort of uh spread it more. um he actually have a sustainable business model for it. But he's running as a as a non um

it. But he's running as a as a non um non um a nonprofit organization. So um

again those are things like you know I look at um that's that's just a very recent thing I look at. Um I don't have a specific area. I actually said that climate is not the area I was going to

look at but that that project that I just mentioned is actually related to project. When you fix the soil you fix

project. When you fix the soil you fix you fix the atmosphere as well. The soil

sucks. uh what he said is um we look at all the carbon footprints if you have good soil the the soil sucks away 30% of the carbon from the atmosphere at at the

lower levels so again that's not my specialty but you know I speak to people like this all the time um I don't have a specific focus yet education my main thing but the other area is I just rely

on other experts uh other good people I also donate very heavily privately to a um prison consultant organizing well prison helping prison professor prison

education system. It's a completely uh

education system. It's a completely uh for uh for for profit nonprofit charity in the US. Um I donated through another or other organization privately. They

help um uh they help um or friends in Thailand in other countries etc. So I do a lot of this small at a small scale right now basically just trying different things. Um and u I I

different things. Um and u I I personally want to do all the donations on the blockchain in crypto so that everything's traceable all the way to the end beneficiary. But uh right now the problem is not all the end

beneficiaries know how to use crypto. So

this a chicken and egg it's a it's a balance because if I if I fully limit to all crypto uh only then our reach is small. Uh so there's a little bit of

small. Uh so there's a little bit of balance right now. Um but I I'm trying different charity organizations to see which ones are really efficient, which are really have impact and then we can scale more.

>> Hi Cyber here from Australia and New Zealand. So I advocate Binance

Zealand. So I advocate Binance background spreading crypto education online to help Binance user mission.

When you imagine a world where a billion people are using Binance in web three, how do you picture it?

>> Yeah. Um I think eventually everyone just uses well eventually uh we shouldn't be even talking about crypto. We shouldn't be talking about

crypto. We shouldn't be talking about web talking about crypto is like talking about TCP IP, right? Talking about

blockchain is like talking about the network level, etc. Uh we should just be look I'm gonna pay somebody or I'm going to binance somebody. I'm going to stand uh so uh the the

today when we say like I'm going to Google something uh you know that's a per um so the the the brand name should become a verb ideally and then the underlying technology should be hidden uh there should be no discretions about

TPS um about fees gas all all of this stuff which just doesn't make any sense um they should probably also not even be a concept of an address it should just be

a person's name that you want to pay um So uh we need to abstract away all of that like today the techn uh um our industry is not quite there yet. So I

think we need to develop much better products u and that's much easier to use and it doesn't have to be all through finance right it can be through a combination of apps etc but eventually I

do think that there will be some networking effect right so like right now today if you want to do a search search on something online is Google uh but now it's being replaced a little bit by AI AI there's multiple things that is

competing right now but eventually the network effect will will mean like one larger platform will probably be the dominant one so Yeah. So I think that that's in my head how how the future

will be.

>> We have about five minutes left. So we

take two to three question sheets for.

>> Hi.

Uh actually was named at finance yesterday and I'd like to hear your perspective on this new leadership structure. How do you personally view

structure. How do you personally view this adjustment? Uh, additionally, what

this adjustment? Uh, additionally, what do you see your own position and focus with in five minutes in the future?

Thank you.

>> Sure. So, u um I think it's pretty natural uh to me um know has always been a co-founder um and she's always very strategic in in her thinking. She's al

always very um extremely hardworking, extremely connected to the to the community. She's on Twitter, on Chinese

community. She's on Twitter, on Chinese social media quite a lot. She's very

close to the users, uh, very product focused, also very strategic if her if her thinking. Um, she's one of the

her thinking. Um, she's one of the hardest working people I've ever seen in my life. Um, and she's also one of the

my life. Um, and she's also one of the most resilient uh, people as well. So, I

think she was, you know, she was co-founder. She she already had she

co-founder. She she already had she always had a decent level of influence in the company. Um, and um, so this this title is just really sort of formerly

recognized as a as a title. Um so I think she'll continue to do well. I

think the the the the every response I've seen is extremely positive. Um many

western people may know her a little bit less. Um most of the Asian people know

less. Um most of the Asian people know her really really well. So uh but even the western people I I got a lot of positive feedback. Um so I think she

positive feedback. Um so I think she will do very well in in that role. Also

she's uh she's nine years younger than me. So it's kind of natural, you know.

me. So it's kind of natural, you know.

Um I was a CEO when I was 40. Now she's

just about to reach I don't want to disclose her age.

>> [laughter] >> But you know she uh know but you know it's it's also a natural progression for her I think to to to lead a larger team etc formally but she was already do that

informally anyway so and also I think she has very complimentary skills with uh rich tech riches like know regulatory background uh more fluent in English uh

English is a limiting factor for her uh is improving but you know you hear her talk right she she has a lot of grammar mistakes I think that's great. [laughter]

>> But but at least she she's brave enough to to communicate. She gets the message across. But um so I think uh so she has

across. But um so I think uh so she has very strong learning abilities too. So I

think that's uh those things are fantastic for me. My involvement uh so I was when I stepped down as a finance CEO I actually cried. Uh so when I was writing that blog stepping down I

actually cried. That was like 4 a.m. in

actually cried. That was like 4 a.m. in

in um in Seattle. Uh but it took me like you know a little bit to get over it and then after I I got over it I was like wait a second life I had nothing to do

in the US for like a year right so I was like and I couldn't do anything so I was just snowboarding kite surfing etc and then after I came back you know I know the company's running well and I didn't

have to get too involved I was like life is great uh I don't I don't need to get back there. Um so I think in life we

back there. Um so I think in life we move forward we don't we don't we don't move back. Um so now I'm more much more

move back. Um so now I'm more much more involved in in in more uh e ecosystem projects uh in the B&B chain ecosystem um helping uh different projects etc. We

yeah we uh I work more closely with Muna now. It's actually the first time I've

now. It's actually the first time I've met her in person first meeting >> literally this like the first minute we we we met in person but I talked to her

like know frequently um and uh so helping other founders with easy labs uh with uh people academy with so I actually I'm actually also helping

governments to adopt crypto crypto regulatory frameworks etc. So now actually on the other side I I like I'm almost consulting with for regulators on how to regulate this industry which is

actually interesting as well. Um so for me it's actually good uh to being able to not be in the day-to-day uh uh of binance.com uh which actually I think

also uh helps with the BME chain uh with the with the ecosystem works. So um so I enjoy what I do. Um so uh I don't think I think B minus strong and we got to um

people shouldn't be in their roles for too long and we got to leave the arrows to make for other people to grow. So I

think um this more turnover is better.

>> Amazing. Uh we're going to have one last question.

>> Uh hello Sim. Firstly I like your yellow shoes. Yeah. [laughter]

shoes. Yeah. [laughter]

Uh and my question uh general question uh which uh your daily habits uh was most important for uh your success.

>> Okay. I think uh [clears throat] I think learning a little bit of every day is is important for success. Um I

think most of the schools uh schools teach us basic skills like reading, writing, a little little bit of etc. That's and a little bit of math. Um

that's pretty much all we remember from school pretty much. Um schools don't teach us a lot in terms of entrepreneurship, negotiation skills, EQ, um all of financial lit financial

literacy, um startups, etc. All of this important skills in life you have to learn on your own. Uh even universities don't teach you much of that. So um

look, if you're a professional like a professional doctor, professional lawyer, you you learn a lot of what you do use of a lot of what you do learn in school. But for most of us especially

school. But for most of us especially entrepreneurs uh you have just have to constantly read and constantly learn.

You have you have to have an open mindset. So I think learning something

mindset. So I think learning something every day is important. Uh that also helps you keep your mindset open so that you're not fully closed. Uh and it also keeps you open for opportunities. Um the

other thing I think is really important to just work really hard and stay healthy. Um entrepreneurship is a uh

healthy. Um entrepreneurship is a uh physical work. You have to have a good

physical work. You have to have a good body like it's it's it's not just mental. It's really it is really

mental. It's really it is really physically training. So you have to have

physically training. So you have to have uh good good habits. Um you have to be able to deal with pressure well. You

have to sleep well. You have to eat well. You have to you know work out

well. You have to you know work out treat your body well. Uh and then you have to work really hard. You have to work 16 hours a day while while while being healthy. Um so uh yeah. So those

being healthy. Um so uh yeah. So those

things are important.

>> Awesome. Thank you CD for all the amazing insights. [music]

amazing insights. [music]