How does the “Battle of the Crypto Titans” between CZ and SBF affect the future of exchanges?
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Was there a winner in the “Battle of the Crypto Titans”? In Michael Louis’ book “Infinite Storm: The Rise and Fall Symphony of FTX Empire,” which chronicles the rise and fall of FTX, there is a passage describing the attitudes of FTX and Binance towards “regulatory compliance.” Louis writes, “Binance is like the bully in class, and FTX’s unique ideas are like the oddball.”
In 2021, the book states that SBF believed that obtaining a license and complying with regulations would eliminate non-compliant competitors, while CZ, the founder of Binance, ignored the new regulations. Winston, co-founder and Chief Revenue Officer of XREX, mentioned in this episode that the two individuals did not have completely opposing attitudes towards regulations, and in the battle between them in the market, the oddball may truly be an oddball, but it is still debatable who the bully is.
Winston believes that “the essence of the law is to limit human behavior, while technology changes human behavior.” Regulatory risks are challenges that the startup industry must bear.
With the establishment of the Virtual Currency Association, Taiwan officially entered the era of regulation in 2024. Winston, the Vice Chairman of the Association, observed that the regulatory authorities in Taiwan have a high level of understanding of the industry. “They (regulatory agencies) absorb new knowledge quickly, but they don’t overly trust the industry.”
The overall development is like a skit poem. Although the speed is a bit slow, it can develop steadily and leisurely.
In the era of regulation, centralized exchanges will gradually embrace regulation. Operators who comply with the rules, complete compliance, and obtain licenses can build a “moat” in business competition. On the other hand, regulation will also stimulate the rapid development of the “decentralized” market.
In this showdown described as a “bully” and an “oddball,” there may not be a true loser or winner, and this kind of competition and cooperation relationship will continue to unfold.
Winston analyzed that in the end, the development of exchanges will see the coexistence of decentralization and centralization, each with its own characteristics and advantages. As we enter the era of Bitcoin for all, when everything has order and clear rules to follow, centralized exchanges will leave the wild era, and regular troops and large institutions will gradually enter and move towards a more institutionalized direction.
Web3 Journey West
Hosted by Wayne Huang, co-founder of XREX Exchange, Winston Xiao, co-founder of XREX Exchange, and Yoyo, Senior Director of Corporate Communications at XREX Group, “Web3 Journey West” brings you an understanding of the concept of decentralization and the Web3 world from various perspectives.
Summary of this episode:
Regarding compliance issues, what are the epoch-making significance and impact of the different ideas of CZ and SBF in 2021?
Who is the “bully”? Who is the “oddball”? It’s hard to say.
How do laws restrict human behavior, and how does technology change human behavior? How is the relationship between operators and the government?
Can “landing in various markets” build a competitive moat?
What is “regulatory risk”? How should exchange operators manage it?
The big showdown between centralization and decentralization! What will the future of exchanges look like?
The first physical gathering of “Web3 Journey West” is coming! Openly recruit the topics you most want to hear.
Co-produced by XREX Exchange and “WEB3+” blockchain media under “Business Next,” the podcast program “Web3 Journey West” is about to reach its 50th episode!
“Web3 Journey West” will hold its first offline gathering in the fourth quarter of 2024. What topics would you like to hear the three hosts discuss on-site? What feedback would you like to give us? Please fill out the form below to let us know your thoughts.
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MusicbyAden – Earth
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Content of this segment is co-produced by XREX and “WEB3+” under “Business Next”
