Binance CEO CZ: Unlikely to Buy a Bank, Cites Regulatory Concerns

Binance CEO Changpeng Zhao (CZ) has stated that the company is unlikely to purchase a bank due to regulatory complexities and capital requirements. Concerns over crypto companies being de-platformed by banks have arisen after the collapse of several US banks. Binance Australia also faced issues when its payment provider ended support, leading to a halt in Australian dollar services. CZ explained that buying a bank would not prevent banking regulators from restricting crypto activities, and the need for corresponding banks worldwide, primarily located in the US, could further hinder operations. The high costs and risky nature of banking businesses were additional deterrents. CZ suggested that Binance may instead make minority investments to influence banks towards crypto-friendliness.