If there is one crypto exchange that has run into a lot of problems with policymakers, it is Binance.

If there is one crypto exchange that has faced numerous challenges and controversies with policymakers, it is undoubtedly Binance. Despite the difficulties, Binance CEO Changpeng Zhao, also known as CZ, remains optimistic about the future of the company. As the trading platform celebrated its sixth anniversary, CZ shared his insights on how Binance plans to navigate through the forthcoming period. He also believes that in a few years, Decentralized Finance (DeFi) will surpass central crypto companies, including Binance, in terms of size and importance.

Binance wants to win lawsuit with SEC

The recent state of affairs at Binance has sparked controversy within the past few months. Towards the end of December, news surfaced suggesting that Binance might not be as financially stable as previously perceived. Subsequently, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and CZ in early June. The accusations include the sale of cryptocurrencies as unregistered securities, fraud, and market manipulation.

CZ acknowledges that 2023 has been a challenging year for the company so far, but he emphasizes that the interests of customers remain the top priority. Binance, in its short six years of existence, has managed to generate profits consistently according to the CEO.

In 2017, shortly after Binance was founded, the company faced a lawsuit from a venture capitalist. It took several years to resolve the case, but eventually, Binance emerged victorious on all counts. CZ does not explicitly state that Binance will necessarily prevail in the new lawsuit with the SEC. However, the company vows to vigorously defend fairness, including presenting its case in court if necessary.

Crypto larger than central crypto exchanges within 6 years

CZ also shares his perspective on the near future of the crypto industry. Firstly, he predicts that regulatory frameworks will become increasingly clear over time. Last week’s positive news surrounding Ripple and XRP serves as an example of this trend. Furthermore, CZ believes that countries with well-defined regulations will gain a significant advantage over others, potentially for centuries to come.

Traditional finance companies are gradually recognizing the significance of cryptocurrencies. CZ acknowledges that companies such as BlackRock, Citadel, and Fidelity have recently enhanced their involvement in the market.

Even more noteworthy is CZ’s prediction that DeFi will catch up with central crypto companies, including Binance. DeFi refers to decentralized crypto platforms that operate without the control of a centralized authority.

“DeFi will continue to accelerate. Newer wallet technologies are making it easier for users to manage their own crypto assets. More people will use DeFi products and directly integrate with blockchains. This will provide financial access to individuals beyond the reach of traditional finance. I strongly believe that DeFi, such as Uniswap, will surpass CeFi, such as Binance, within the next 6 years or so.”