No plans to provide a stock trading: Changpeng Zhao

Changpeng Zhao, CEO of Binance, the world’s leading cryptocurrency company, says that they do not plan to provide stock trading services.

The Binance CEO was responding to a query on Twitter asking whether the firm planned to offer stock trading services. Zhao responded in the negative, stating that Binance wasn’t planning on offering such services at the moment.

This is in line with Binance’s stated mission of providing “a safe and secure platform for exchanging cryptocurrencies.”

Binance has been one of the most popular cryptocurrency exchanges in the world. And has offered a variety of services including margin trading, futures trading, and spot trading.

The exchange has also been expanding its operations into other areas such as payments and lending. Binance recently launches a crypto-backed loan service that allows users to borrow against their cryptocurrency holdings.

Binance has also been working on a decentralized exchange, which is currently in beta testing.

During a podcast conversation with Decrypt. He mentions that Binance is a pure web3 business and stock trading doesn’t match the company’s ethics. He says;

“Some exchanges want to start trading stocks again. We don’t have any plans to do that. We’re not going to start a stock trading company soon.”

Some firms, like Robinhood, have been able to let their customers trade equities and cryptocurrencies. Despite the potential profitability of CZ’s comments, Binance will concentrate on developing Web3 tools.

He states;

“We’re a Web3 firm that doesn’t plan on going back. We’re moving forward, not backward.”

According to the CEO of Binance, the firm will continue to grow its presence in the cryptocurrency market by making key purchases. He also stated that none of those acquisitions would be based on stock.

CZ says;

“We want to be the infrastructure provider for the entire crypto economy, and that doesn’t necessarily mean we have to do everything ourselves. We can do some things organically, and we can do some things through acquisitions. But those acquisitions will never be in the stock world.”

FTX is one of the world’s leading crypto exchanges. They have recently started to use loans and bailouts to make potential acquisitions. CZ, the CEO of Binance, said that they wouldn’t use that method even though it has a lot of benefits. He states;

“I prefer to keep things simple. I like to boil everything down to the basics and go from there. This makes things easier to understand.”

CZ went on to criticize Alameda Research’s $500 million lifeline credit to bankrupt crypto broker Voyager Digital. Stating that Binance would never do business with such arrangements.

During this bear market, the CEO of FTX and Alameda Research, Sam Bankman-Fried, has been building his presence in the crypto world. In May, Bankman-Fried invested $6 million in Robinhood.

Binance’s CZ says that Binance would not extend a $500 million line of credit to a crypto broker like Voyager Digital.

CZ believes that Binance is growing faster than ever. And that the company will continue to invest in its underlying technology, Binance Chain. Binance is also looking to launch more fiat-to-crypto exchanges.

While Binance is not considering the stock market, CZ says that Binance is considering other ways to expand its business. Binance is looking to launch more products and services that will make it easier for people to use Binance.

There are recent reports that the FTX CEO is interested in acquiring the publicly-listed stock and cryptocurrency trading app. However, he has denied these rumors, claiming that there are no active merger and acquisition discussions about Robinhood presently underway.

CZ did not rule out the possibility of Binance making a move into the stock market in the future. He says that Binance is always looking for new opportunities. And that it would be open to considering a move into the stock market if it made sense for the company.