Binance Founder CZ: Privacy 'Missing Link' for Crypto Payments Adoption
Changpeng Zhao (CZ), founder of Binance, considers privacy the biggest unresolved challenge in crypto and urges swifter industry action. He highlights that most cryptocurrencies lack adequate privacy features, making transactions traceable and exposing users in ways that cash does not. CZ points out security risks, like revealing personal movements when using crypto for payments (e.g., booking a hotel). He argues that as adoption grows, the inherent transparency of open blockchains—especially with centralized exchanges and KYC—remains a structural privacy issue. Current privacy coins are too small in scale, and broad, practical privacy solutions are lacking. CZ adds that payment transparency also hampers corporate crypto payrolls, since on-chain transactions can expose salaries. Critics note Binance itself has delisted privacy coins such as Monero, citing standards of volume, liquidity, and safety. Analyst Nic Puckrin suggests scalable privacy-preserving infrastructure, not untraceability, is needed for wider adoption. CZ maintains there are real, legitimate cases for payment privacy, though he acknowledges law enforcement needs. His comments come after his resignation, legal troubles, and subsequent presidential pardon.
