Binance’s CZ Believes in a Decentralized Future

Although DeFi evolution could take several years, it will likely take over centralized exchanges in the future, the CEO said

article-image

Blockworks Exclusive Art by Axel Rangel

share
  • Centralized exchanges serve as a necessary on-ramp to crypto for consumers not familiar with the space, CZ said
  • As people become more familiar with blockchain technology, they will transition to DeFi

Despite founding the largest centralized exchange in the world, Binance CEO Changpeng Zhao (CZ) thinks decentralized finance is likely to become more prevalent in the future.

This evolution, he told Messari co-founder and CEO Ryan Selkis Wednesday at the Mainnet conference in New York, would likely take “a number of years.”

The majority of people in today’s society are not familiar with cryptocurrencies, CZ said. For this reason, it is likely that their first interactions with blockchain technology will be through centralized exchanges, such as Binance.

Once people become knowledgeable about crypto, they may then transition into DeFi technology, he said.

Despite being a centralized cryptocurrency exchange, Binance has been actively pushing the adoption of its native BNB Chain, an Ethereum virtual machine-compatible chain, and BinanceDEX.

The platform recently revealed that it would be transitioning user balances in USDC, USDP and TUSD to its own Binance USD (BUSD) token on Sept. 29 at 11:00 pm ET. The move, CZ said, will improve trading liquidity for its users. 

The exchange will continue to allow withdrawals in USDC, USDP or TUSD at a 1:1 ratio from the BUSD balances following the conversion. 

Loading Tweet..

CZ emphasized that the crypto industry is still in its early stages — and the market is not “saturated.”

To achieve mass adoption, he believes that regulatory changes are necessary and businesses building in the space must adapt to these changes to move the industry forward.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The €7 million investment marks Luxembourg’s first sovereign exposure to Bitcoin

by Blockworks /
article-image

The chain-agnostic app layer aims to reward players of any game, in any token

article-image

The exchange will now offer direct access to CME futures across commodities, equities, and currencies through its US platform

by Blockworks /
article-image

The exchange’s full approval from the UAE’s Securities and Commodities Authority marks a regulatory milestone for global crypto oversight

by Blockworks /
article-image

Founded by Coinbase and Cruise veterans, CipherOwl plans to bring artificial intelligence to blockchain monitoring and risk detection

by Blockworks /
article-image

As the shutdown enters its second week, sources say the Senate Banking Committee looks to move ahead with a market structure bill markup