"We Try Very Hard to Not Be Number One All the Time", Interview With Binance CEO Changpeng 'CZ' Zhao

In an exclusive interview with Cointelegraph, Zhao revealed that Binance has officially opened up a bank account in Malta, paving the way for the eventual support of fiat currency deposits and withdrawals on the exchange.

The 41-year-old CEO spoke openly of the challenges brought about by the whirlwind rise in popularity of the exchange and how their ICO kick-started the existence of Binance.

The experience in Canada is very, very helpful from an international perspective.

Canada is also very friendly, very internationally friendly.

A lot of people, when I started Binance, said, "Look, there are thousands of exchanges in the world already. It's a very competitive space. Why do you want to do another one? It's not going to work." Those kinds of comments did not deter me because, given the experience and the knowledge that I had, that helped a lot.

If it's just "Binance is great, Binance is great," people get tired of it very quickly and we have less awareness spread from a marketing perspective.

Inflated trade volumes - CZ responds to claimsA number of media outlets recently reported that some cryptocurrency exchanges were inflating trade volume data to boost their standings.

As for us, we try very hard to not be number one all the time, because being number one creates other problems sometimes, especially with regulators.

We try very hard to not be number one all the time, but other people are trying very hard to boost their volumes to be number one.

The government and the regulators are very welcoming, very reasonable, so I think it is already one of the best places to establish.