Changpeng Zhao: we are not competitors with Coinbase

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This week has been very productive for Binance. The crypto currency exchange acquired Trust Wallet, and is currently working with Malta, to create a decentralized banking system.

Rapid progress in the global market a year ago created in China crypto currency exchange, which after the government’s ban on the work of crypto-currency companies in the country was forced to seek a more friendly jurisdiction, while ultimately on the location of its head office in Malta, make it highly competitive on the world market. Achieving a leading position in such a short period of time allows you to create a worthy competition to be the largest American a crypto currency exchange like Coinbase.

Mutual love instead of competition?

However, according to the statement of the head of Binance, Changpeng Zhao, their relationship is more peaceful. According to him, Binance no desire to compete with Coinbase and Gemini, which are leaders in the U.S., since there is a very high practice of lobbying and constantly have to rely on the services of lawyers.

In Malta, everything is easier and there is no need to coordinate every action with the attorneys, as the exchange has direct agreements with the administration of the island.

“In developed markets there are more opportunities to make money, but there is a very high level of regulation and competition. We don’t want to compete with Coinbase and Gemini. Strategy requires a lot of lawyers and lobbying,” said Changpeng Zhao, adding that both sides appreciate the delicate balance in cryptosuite that exists through their work in different jurisdictions.

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Tags: Coinbase, Gemini Binance Malta Changpeng Zhao

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