Crypto exchanges, Crypto news

Binance will not trade stocks

Binance is positioning itself as a “pure” Web3-company, which is not interested in adding the possibility of stock trading to the product line. This was announced by Changpen Zhao, CEO of the bitcoin exchange.
The top manager did not assess the platforms whose management decided to take this step. According to him, such an option is contrary to the philosophy of Binance.

Zhao said that despite the lucrative nature of the equity trading direction, he preferred to focus on building more Web3 tools.

“We are not going backwards, we are moving forward,” he explained.

The CEO of Binance said the bitcoin exchange is exploring several companies as potential acquisition targets during a bear market, which Zhao said would be easier deals than a complicated credit structure or buyout.

He explained that he would never go down the route that Alameda Research, backed by Voyager Digital, took. Earlier, the CEO of Binance said he was in talks with more than 50 companies about their “bailouts.”

Recall, Binance revealed what it has achieved in five years.

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