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The former CEO of Binance criticizes Europe for cryptocurrency adoption
Changpeng Zhao stated that European countries, except for Montenegro, are significantly lagging behind the United States and Asia in adopting cryptocurrencies.
Changpeng 'CZ' Zhao, the former CEO of the cryptocurrency exchange Binance, stated that most European countries are not moving 'anywhere' in terms of adopting digital currencies.
Speaking at the Token2049 conference in Dubai on April 30, Zhao said that the UAE's regions were 'very supportive of business', leading to the adoption of cryptocurrencies in Dubai, while other areas like Bhutan were building national Bitcoin systems.
Bitcoin
94,353 USD
and Ether
Ethereum
1,803 USD
According to Zhao, the United States has been pressuring other countries by exploring their own cryptocurrency reserve policies, but it seems that European countries have not reacted.
Zhao highlighted one exception: 'I don't see Europe in this discussion. Montenegro is actually a strong supporter of cryptocurrencies. We had an active dialogue with the Prime Minister there, who is a visionary person and well-versed in developments. But aside from Montenegro, I don't have any other country; it is absent from the scene.'
Related: 'The Richest American Prisoner': How Binance Founder CZ Got There?
Changpeng Zhao, who owns a home in Dubai, resigned as CEO of Binance in November 2023 as part of a plea deal with U.S. authorities seeking to prosecute the platform. Since leaving Binance and spending four months in jail in the United States, he has become more involved in his educational platform, Giggle Academy.
Global challenges related to cryptocurrencies
The Finance Minister of Montenegro praised the efforts to make the country 'a center for innovation in blockchain technology' by 2022, yet other countries in Europe continue to work on establishing regulatory frameworks for digital assets and fostering innovation. The European Union began implementing the Markets in Crypto-Assets (MiCA) framework in December 2024.
However, it seems that the European Union's efforts to create a strategic stockpile of cryptocurrencies do not match those of the United States, where lawmakers at both the federal and state levels are pushing for it. In January, representatives from the Czech National Bank pointed to Bitcoin's 'significant volatility' when considering it as a reserve asset, and many elected officials have remained silent on the issue.
The Token2049 conference will gather representatives from some of the largest cryptocurrency companies and policymakers in the world in Dubai. Among the speakers at the 2025 event are Zhao, Richard Teng, CEO of Binance, and Paolo Ardoino, CEO of Tether.
