Is four years not enough for the east and west of the river?
Sometimes, disruption only takes a moment, and so does return.
Zhao Changpeng's significant return to Hong Kong: from 'leaving the stage' to 'main stage', a phrase 'change of course' opens a new chapter for crypto.
Four years ago, Zhao Changpeng temporarily left the mainland market with Binance, leaving behind infinite imagination with the phrase 'green mountains and clear waters, we will meet again'; four years later, he appeared in Hong Kong in a suit, in a gathering of regulatory leaders, institutional investors, and project founders, defining his return with 'the ship has not capsized, just changed course', and the applause resonated throughout the venue. This transformation from 'being expelled' to 'main guest' is not only an important node for the individual and the platform but is also seen as a key signal of the interaction between the crypto industry and Hong Kong's financial innovation.
1. Four years of twists and turns: from temporary departure to return, why choose Hong Kong?
Zhao Changpeng's 'return journey' has gone through invitations from multiple countries and cautious choices, ultimately anchoring the core focus in Hong Kong:
2021: The moment of departure: affected by the adjustment of the mainland's crypto regulatory policies, Binance exited the mainland market, and Zhao Changpeng voiced through Weibo 'green mountains and clear waters, we will meet again', leaving a foreshadowing for the connection with the Chinese-speaking market;
2022-2024: Observation in global layout: Dubai, Paris, Abu Dhabi, and other places extended an olive branch to invite Binance to land, but Zhao Changpeng has never easily placed the focus on the 'core Chinese-speaking market';
August 27, 2025: Hong Kong takes the main stage: on the podium at the University of Hong Kong, this former 'exile' appeared as the main guest, officially announcing that the key layout of crypto business would be in Hong Kong - behind this choice is Hong Kong's recent compliance support for the Web3 industry, the geographical advantages of being an international financial center, and the unique value of connecting the Chinese-speaking market with the global crypto ecosystem.
2. Six core viewpoints: each hitting the industry's pain points, outlining the blueprint for the future of crypto
In his speech, Zhao Changpeng threw out six major viewpoints around key topics such as stablecoins, RWA, exchanges, DEX, AI + blockchain, which not only dissected the current industry pain points but also predicted future trends:
1. Stablecoins: The 'hidden ticket' for the internationalization of the Renminbi
'USDT has quietly helped the US dollar complete hundreds of billions of cross-border transactions, while a Hong Kong dollar stablecoin may be a new path for the Renminbi to go overseas.' Zhao Changpeng pointed out that the cross-border payment function of stablecoins has become an 'invisible aid' for the internationalization of fiat currency, and if Hong Kong can promote the development of compliant Hong Kong dollar stablecoins, it is expected to build a new 'crypto bridge' for the internationalization of the Renminbi.
2. RWA: Don't focus on 'breaking up luxury homes', the key is the on-chain of financial assets
Regarding the current hot topic in the RWA (Real World Assets) field, he bluntly stated that 'forcing luxury homes to be broken into ten thousand pieces on-chain is a misconception'; the real opportunity lies in the on-chain standardization of financial assets like stocks and bonds - 'whoever can first achieve the blockchain landing of compliant financial assets will become the next generation of the 'crypto version of the New York Stock Exchange'.
3. Exchanges: Hong Kong does not need to 'reinvent the wheel', compliance cooperation is the shortcut
'Building a compliant exchange requires at least $1 billion and 300 security experts, which is extremely costly.' Zhao Changpeng suggested that Hong Kong should not start from scratch to build an exchange ecosystem, but rather through open compliance cooperation, connect with the technology and experience of mature platforms, 'the saved costs would be sufficient to support the early-stage ecological cultivation of the industry.'
4. The future belongs to DEX: wallet login will replace email registration
'Now it seems that CEX (Centralized Exchange) is convenient, but in the future, DEX (Decentralized Exchange) will be the norm.' He revealed that many institutional investors are already beginning to migrate their assets to DEX, reminding the market 'don't wait for the whole venue to change course before taking action', and predicting that 'wallet login will replace email registration' will become standard for crypto applications.
5. AI + Blockchain: Micro-payments hide a trillion-dollar market
'A transaction between AIs may only require $0.01, and the banking system will not process such small payments, but blockchain can settle in seconds.' Zhao Changpeng believes that the combination of AI and blockchain will give rise to new scenarios of 'micro-payments between machines', a field that has not yet been fully explored and is expected to grow into a trillion-dollar market.
6. Advice to Hong Kong: Fast, Open, Look to the Margins
He proposed three key suggestions for Hong Kong's development of the crypto industry:
'Fast': regulation does not need to pursue 'perfection before action', it must find a balance between compliance and innovation to avoid missing opportunities due to excessive caution;
'Open': liquidity must be unlocked globally to attract international funds and projects, avoiding becoming a 'regional closed loop';
'Look to the margins': prepare in advance for DEX, AI + blockchain, and other currently 'non-mainstream' fields; these 'marginal tracks' today may become the 'main battlefield' tomorrow.
3. Behind the return: not just a personal narrative, but also an industry signal
At the end of the speech, Zhao Changpeng's words were thought-provoking: 'When I left four years ago, I thought I could never return to the Chinese-speaking world. But standing here now I realize - everything has just changed course, and now, the ship has just set sail.'
This return has long surpassed the personal and corporate 'comeback': for Hong Kong, it is an important endorsement for its goal of creating an 'international Web3 center'; for the crypto industry, it is a signal of regulatory development and further integration with mainstream financial markets; for practitioners and investors in the Chinese-speaking market, it represents hope for 'reconnecting the crypto ecosystem with the Chinese-speaking world'.
As Zhao Changpeng said, 'disruption only takes a moment, and so does return.' Four years may not witness 'the east and west of the river', but a precise 'change of course' may unlock new possibilities for the interaction between the crypto industry and Hong Kong's financial innovation.
