Cointelegraph conducted an exclusive interview with Binance founder and chief executive, Changpeng Zhao, or CZ, during Virtual Blockchain Calendar week.

During the discussion, CZ addressed concerns from the crypto customs regarding the size and influence of Binance amid the firm's increasing acquisitions and horizontal expansions.

CZ: 'the free market place works'

On the topic of Binance'due south increasing presence within the crypto ecosystem, CZ stated: "I think basically there's two sides to it."

"So there's the worry most are nosotros as well big or non, so in that location is why are users choosing usa? If nosotros abuse the power that we have, then abuse our influence, and then people would non choose us."

"So we are quite large, only the reason nosotros're growing is not because we are abusing a monopolistic ability," he stated, adding: "There'south similar thousands of other exchanges, the competition is very fierce."

"People naturally have those kinds of worries. But rest bodacious, we want to continue to provide value to his users, not destroy value. And the free market works  — if nosotros abuse it, people volition get out."

Binance is 'tiny' compared to tech giants

CZ also asserted that "Binance is all the same very small, stating: "in terms of market cap compared to any traditional organization, nosotros are tiny." He continued:

"Even in terms of the number of users where we're tiny besides — all of the crypto users combined is like one one-thousandth of traditional populations, and there are much larger organizations which have one-third of the population, like Facebook."

"In a gratuitous market, [...] people will naturally gravitate toward the guys who are providing meliorate products, better services," he concluded.

'Sometimes you get lucky'

During CZ'due south fireside conversation with the hosts of Virtual Blockchain Calendar week, CZ stated that he never expected to arise to contain the top-ranked crypto exchange and so rapidly — with Binance having risen to go the largest exchange by trade volume within six months of its launch in 2022.

CZ stated that when the platform launched, there were "only 2 crypto-to-crypto exchanges that were big at the fourth dimension — they were only English, and but on the web." With no mobile apps and no major exchanges targeting users outside of the Due west, CZ stated that he "thought there was definitely room for another substitution."

"At the time, our goal was 'let's try to attain number one in three years' [...] But y'know, sometimes you become lucky."