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The Journal.

The Rise of Binance - And The Effort to Reel It In

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 30 November 2021

⏱️ 19 minutes

🧾️ Download transcript

Summary

Binance, the world's biggest cryptocurrency trading platform, surged by operating from nowhere in particular - without offices, licenses, or headquarters. Now, WSJ's Caitlin Ostroff explains, global regulators are taking a closer look. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

For having founded one of the biggest cryptocurrency companies in the world,

0:09.0

Changping Zhao was a bit of a late comer to crypto.

0:12.5

Four years after Bitcoin was invented,

0:15.2

Zhao still wasn't really paying attention until one day in 2013,

0:20.2

when he says he was at a poker game.

0:22.0

The poker group was a bunch of entrepreneurs and a bunch of DCs,

0:25.7

so he's not a bunch of gambling guys.

0:28.1

It's a very friendly game.

0:30.5

We play for very low stakes.

0:32.0

Usually as somebody's place that day was in my place.

0:35.8

Zhao, who goes by his initials, CZ,

0:38.8

was living in Shanghai at the time.

0:40.8

He has a background in finance and computer programming,

0:43.8

who says the other poker players were guys like him,

0:46.2

tech-saving entrepreneurs.

0:48.1

And at some point in the game,

0:49.7

one of them turned to him and said,

0:51.4

CZ, you should look into this thing about Bitcoin.

0:53.7

You should think about converting 10% of the networks into Bitcoin.

0:58.0

You might go to zero, which means you lose 10%.

1:01.3

You might 10x, which means you double your networks.

1:04.4

And he said it was very seriously.

...

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