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Changpeng Zhao Shares His Concerns Over Tether

Changpeng Zhao, founder and CEO Binance, in a recently conducted interview by Korea Blockchain Week, shared his concerns pertaining to Tether (USDT). He also expressed his concerns on how the tenth largest cryptocurrency in the world can have an impact on the crypto exchange.

Considering the fact that Binance is one of the largest holders of Tether, Zhao was asked in case the coin faces a downfall, what kind of impact it will have on the exchange. In response to the question, Zhao said that it will indeed be worrisome if that happens. However, he added that it is not just for Tether, the threat is the same for all other coins as well.

Providing an example of fiat currencies and their history of market crashes, Zhao said that the industry has seen fiat currencies go down in history a lot. So, he added that the concern is always present and that’s the reason why the exchange is listing other stable coins on its platform. That’s why the exchange actively promotes other stable coins such as the TUSD amongst others.

Changpeng Zhao was also asked if he himself has concerns over Tether. In his response, Zhao said that Tether (USDT) is certainly an entity of concern. That’s why he met up with the Bitfinex team and Tether.

As reported by BCFocus, Bitfinex and Tether have been linked with several controversies pertaining to Bitcoin price manipulation last year. Speaking about Tether, Changpeng Zhao said that he hasn’t personally seen their bank accounts. However, from a logical standpoint, they have so many profits from their regular crypto exchange business that they don’t need to try any antics about the Tethering.

He further went on to add that he feels the reason they can’t release their bank account details is that if they do so, whichever bank they are using, the bank account gets closed.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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