Changpeng Zhao, founder and former CEO of Binance, addressed the ongoing issue in the United States regarding the classification of cryptocurrency. He highlighted debates about whether to treat it as a currency, similar to Japan's approach. Zhao made these remarks during Binance Blockchain Week.
"I think the most fundamental one is actually just classification of crypto, right," said Zhao. "So now there's so many debates about, well, in most other countries, they just treat it as money. Japan recognized Bitcoin as a currency. Many other countries recognize Bitcoin as a currency. But, of course, there's different types of cryptos. Depends on the coin, I guess. But I think in the U.S., that's kind of the large debate right now."
According to a report by Social Capital Markets, fines imposed by the U.S. Securities and Exchange Commission (SEC) on the crypto industry surged by 3018% in 2024, increasing from $150.26 million in 2023 to $4.68 billion.
Social Capital Markets further reports that since 2013, the SEC has levied over $7.42 billion in fines against crypto firms and individuals, with 63% of this total occurring in 2024.
While enforcement actions by the SEC intensify, confusion about compliance requirements remains widespread across the industry.
Binance Blockchain Week is described on its website as a conference that gathers innovators, founders, investors, regulators, and officials to discuss blockchain and Web3's future. The theme for this year's conference is "Momentum." The event's website states that "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."
Binance operates as a major global blockchain platform with the largest digital asset exchange by trading volume. The company offers a variety of financial products and services and is recognized for its comprehensive ecosystem that includes educational resources, research initiatives, charitable activities, and an NFT marketplace. According to its webpage, Binance aims to contribute to the growth of the blockchain industry.
