Binance CEO CZ: Crypto Industry Is Getting Cleaner

Binance CEO CZ: Crypto Industry Is Getting Cleaner

Despite the current crypto winter and all the drama within the industry surrounding the fall of crypto exchange FTX, the CEO of Binance has expressed his optimism for the future of Crypto.

Industry Getting Cleaner

On Sunday, CEO of the biggest crypto exchange in the world Changpeng Zhao, also often known as CZ expressed his optimism towards the future of the crypto industry despite its current situation.

In a tweet responding to another crypto trader who claimed crypto was far from being dead, CZ expressed his agreement, claiming that the crypto industry itself is becoming “cleaner” despite it’s current reputation.

The process is a bit painful, though.” CZ added.

Related: Solana-based Gaming Star Atlas Reveals It Has Material Exposure on FTX

Industry’s Current Issues

The Crypto industry is currently facing a lot of backlash among the general public and panic among investors alike due to its current state, with the most obvious problem being the recent bankruptcy of the second biggest crypto exchange in the world FTX.

Aside from that, for many years now the cryptocurrency industry has also faced many issues surrounding scams and hackers alike, with FTX itself being the most recent victim. Earlier this week it was said that around $470 million worth of funds were stolen from the platform in a possible hack.

The crypto market has also been doing relatively poorly these last few months, with Bitcoin falling to its new yearly low of $17,100 just earlier last week, drastically different to its all-time high price of $69,000 back in November of 2021.

Related: Bahamas Police Force are Investigating FTX for “Criminal Misconduct”

With so many crypto companies like Celsius, Voyager and FTX failing within this past year, along with the current crypto winter, it’s no wonder that so many in the community have been expressing panic and pessimism for the crypto industry.

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