Binance Founder CZ Says Crypto Is ‘Too Transparent,’ Warns Of Privacy Gap As Regulators Catch Up
Founder and former CEO of Binance (CRYPTO: BNB) Changpeng Zhao, popularly known as “CZ,” said that “right now the crypto industry is too transparent,” warning that blockchain’s public ledger combined with exchange KYC data makes tracking user transactions alarmingly easy, while most regulators have yet to catch up on how to use it.
“It’s actually extremely easy to track crypto funds. The blockchain is a public ledger, and if you couple that with a few centralized exchanges’ KYC information, you can track most transactions pretty accurately,” Zhao said Friday on TBPN.
A Privacy Problem, Not Just A Feature
CZ illustrated the risk with a plain example: if a company pays staff in Bitcoin (CRYPTO: BTC), anyone can trace that wallet address and determine every employee’s salary. Similarly, paying for a …
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