Education is best protection measure in blockchain tech, says Binance chief CZ

Binance founder and CEO Changpeng Zhao highlighted the importance of education among users of blockchain technology during his keynote speech at Blockchain Week in Busan, South Korea on Thursday.

“[Blockchain] technology has a very far-reaching impact,” said Zhao, adding that it will change how business models are shaped. “And because of this disruptive power, we want to educate people.”

He stressed that education is “the best consumer protection measure,” and explained that different programs such as Binance Academy and Binance Masterclass educate users on keeping their wallets safe.

Zhao also announced that Binance recently signed agreements with three universities in South Korea to offer educational seminars and internships at Binance.

See related article: Issue tokens later for growth, not for initial fundraising, advises Binance chief Changpeng Zhao

Binance was the first global crypto exchange to sign a memorandum of understanding with Busan, South Korea’s second-largest city, to help the city build its first city-backed crypto exchange and to promote the local blockchain sector.

The company is also establishing an office in Busan but has no plans yet to re-enter the South Korean crypto market after it departed the market in 2021 when local regulators banned foreign exchanges from providing services to local investors.

“So our first priority here is to really build out what we call P-zero, priority-zero for us, which is the education layer,” Head of APAC Leon Foong told Forkast in a video interview earlier this year. “We’re always exploring, however we want to do it in the right way.”

Binance, the world’s largest cryptocurrency exchange by trading volume, is also working with different jurisdictions globally. Foong, who gave a speech before Zhao at the event, also disclosed that Kazakhstan’s central bank is looking to build its central bank digital currency on Binance’s BNB chain. Zhao had tweeted the news early Thursday morning.

See related article: Binance to help S. Korea’s Busan build first city-backed exchange