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Binance CEO Changpeng Zao, also known as CZ, has responded to comments made by Ethereum co-founder Vitalik Buterin regarding his opinion on centralized exchanges, Bitcoinist reported. In a recent interview with TechCrunch, Buterin said he wishes all centralized exchanges to “burn in hell.”
Needless to say, the criticism quickly spread in the crypto community, eventually reaching the ears of the Binance CEO. CZ responded with a lengthy post, starting the reply by calling for civility.
“Let’s not wish others to ‘burn in hell’. Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system, not independent projects,” Changpeng Zao said.
He then went on to explain why centralized agencies are needed by decentralized platforms. CZ said that if not for fiat (centralized) exchanges, all coins will have less liquidity, the crypto ecosystem will deflate, and industry growth will stagger. The Binance CEO also took the opportunity to throw a few jabs back at Buterin by alluding to the Ethereum co-founder’s level of influence in the crypto market.
“There is no absolute decentralization. Projects with core teams still have centralization. Today, Vitalik probably has more king-like powers than anyone else in the industry, and has used it, by serving as advisors for projects, therefore helped [sic] to decide their fate, at least fate of their ICOs to a large extent,” CZ said.
Buterin’s comment primarily stems from the centralized business practice of charging exorbitant listing fees ($10 million to $15 million) so that users are able to trade their digital currencies in the exchange. Indeed, Binance users are already disgruntled with the exchange’s withdrawal fee following the recent successful migration of Tron (TRX).
Binance is projected to bring in a year-end revenue of $500 million to $1 billion. This is an impressive feat despite the fact the overall crypto market is seeing a major decline.
