Binance Squash Hopes of Stock Trading

The CEO of Binance, Changpeng Zhao, has announced that the world’s largest cryptocurrency exchange would not the offering users the ability to trade stocks.

Zhao, while on the latest episode of Decrypt’s gm podcast, said that swapping equities doesn’t align with his company’s philosophy.

Crypto firms have been launching new features, an apparent move aimed at adding users amidst the market rout.

In May, FTX began offering clients the ability to trade stocks in accounts funded with stablecoins.

Though stock trading has proven a lucrative market, Zhao said he’d rather see Binance focus on building more Web3 tools.

“We are a pure Web3 company,” CZ said. “We’re not going back, we’re moving forward.”

Zhao also played up the possibility of acquisitions during the bear market.

None of Binance’s targets revolve around the exchange of traditional equities, however, according to Zhao.

Zhao also suggested the potential deals would be more “simple” than a complicated loan structure or bailout.

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