During our time in Hong Kong for the Web3 Festival, cz_binance shared his views on CeFi and how it relates to a number of topics including trust, transparency and user experience. Find a summary of what he discussed in the blog below 👇
The Hong Kong Web3 Festival was held from April 12 to 15 and was one of the largest crypto events the city has ever seen.Key discussion topics included asset security, trust, user experience, regulation, CeFi vs. DeFi, mass adoption, and the industry’s future.
CeFi can be made very transparent – through proof of reserves, for example, which makes it verifiable through the blockchain that your funds are there. Binance does this, and our wallet addresses are also public. If a CeFi company is transparent, it can be more open than a traditional financial service provider.
The second is the role of the community. Whether they use blockchain or not, all platforms and services must gain the community’s trust. This trust needs to be built up over time, especially for centralized platforms, as it is earned by our actions over time. Binance has done this and holds very strong user trust.
Still, we have established many security procedures. With technological improvements, we intend to reduce the procedures needed. Still, there’s a lot that Binance has already done to improve user experience. Even when it comes to KYC, we are adopting local KYC measures for each country or region. We are trying to localize the solutions using government databases, vendors, and specialized tools as much as possible.
It would be better to have clear regulatory frameworks. There are always upsides and downsides to every regulatory guideline. There are always considerations to make in finding the optimal balance, which may change over time. Usually, when an industry is still maturing, it’s better to let it grow somewhat because we cannot predict what will be popular yet and regulate accordingly.
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