Changpeng Zhao says he does not understand meme coins

The head of the Binance cryptocurrency exchange, Changpeng Zhao (CZ), during a Twitter Spaces conference stated that “I’ve never understood meme tokens.”

If a coin has many holders and attracts interest, Binance is more likely to list it, Zhao noted.

“We partly view assets from the user’s perspective. But I don’t participate in the listing process personally; I’m occupied with other matters. […] We listed SHIB, and in fact it is one of the coins on the platform with the highest trading volume,” he explained.

The exchange’s CEO also said he doesn’t understand non-fungible tokens and has never bought any. However, he “believes in NFT technology” and is trying to develop it on his platform.

CZ commented on the First Republic Bank situation. In his view, the success or failure of banks has nothing to do with cryptocurrencies.

“From the perspective of the crypto community we should not rely on others’ missteps for our own gain. […] The more successful banks are, the better for digital assets, because a healthy economy brings more money and value,” the head of Binance explained.

Zhao added that the company is stepping up efforts to develop in crypto-friendly countries and less so where regulation is tighter.

In April, Bloomberg placed CZ third in the ranking “25 Financial Titans” with a market capitalization of $28.2 billion. Zhao himself rejected the valuation of his wealth.