Bitcoin Forum

I don't know if you've heard, Binance CEO CZ is considering buying banks, it's a shocking news I read online a while ago, this man is one of the most respectable in crypto space, why is he making this move? Not long ago Elon finally took over Twitter, what do you think CZ is planning to do here? Why would he go after banks? To have a physical crypto bank or something?

It's not a shocking news for me and i will be supporting CZ's decision to buy the bank and here's my main concern

The problem related to the bank has been exist since a long time ago when the bank was doing very strict control to the any bank accounts that connected with the crypto. In my opinion if CZ was putting this as his main concern why he wants to buy bank.
CZ will try to create a friendly environtment for the crypto users where they can use it to connect with their crypto account without any worry for their accounts to be blocked by the bank.

This is a really good idea since i have seen in so many cases the banks were putting restriction even blockchain any accounts that already proven connect with the cryptocurrency.

This is a wise decision for CZ to be tried. This will also push domination of crypto.

i don't see the point of buying a bank. is he interested to have a big vault for his gold to back BUSD? 
i didn't found an article mentioning which bank. whatever his plan is, it will serve a purpose for adoption to make him rich.

cryptos are starting to take over. finally something good the government is doing which is not bailing out a bank. a bank for sale is probably in the brink of bankruptcy so CZ is bailing out a bank.

I have not heard about that news before and to be honest my first thought was that this is definitely false news but i just googled and i found multiple reports that are confirming this rumor. According to a article i found, CZ wants to buy banks with 1 Billion $ in order to gap the bridge between traditional finance and the world of cryptocurrency. I am not really sure what i am supposed to think about that. I always thought that cryptocurrency was invented as a rival or a substitute for the traditional financial markets and not to be integrated with "normal" banks. In the end CZ does what makes him even richer and not what is the best for the space i guess.

There is noting to fear as a crypto user about this news. We should be glad instead. This approach to take over banks will prove to be a very positive factor for crypto and also it's users.
CZ will bring the freedom to use crypto in banks too. You can enjoy every facility provided by the bank and also use crypto as an asset to store your money in bank.

Will it be like Binance exchange platform, that's need to be checked.
anyways, Let's just see what CZ has stored for us in the future.

Can you provide the link to the news? You can't be the only one that has heard of this news. Binance CEO extending crypto to banks is a welcomed idea. It's not something to be shocked by. Buying a bank is not stopping him from being the CEO of Binance. He's expanding his crypto business to banks

This is Binance CEO's recent plans with Twitter.  

The main advantage of this is that, since the bank will be run by a cryptocurrency expect like CZ, the adoption rate of crypto to bank will be high and the possibility of dopting blockchain technology in the banking system will become a paramount project.

And also blockchain technology will help to solve some of the many problems faced by the bank, if CZ should go ahead with this move it will be a great advantage to crypto adoption but also the disadvantages is that, there will be more centralization

But centralization is something we should be used to by now since even Binance is a centralized platform.

Why would it be shocking in the first place?

Yes, we know that CZ is pro-crypto, but business wise he will be expanding as well. I suspect that maybe he will want to established a crypto bank as well. Or something like allowing people to physically deposit some of their hardware wallet in a bank.

Or maybe he is just trying to proved some point against these bankers?

There are a lot of things that CZ can make and of course, make money as well, just scary though how powerful CZ has become in the last 5 years or so.

Huh ? did you think they are not gonna to use bank ?

They "Crypto-currency" exchange, off course in business scheme there always has some relation/connection with the bank especially with a finance business. How the hell they can run without the bank?

There has some local transaction as well on them.

It's obvious, he will take all the banks around the world and kill FIAT, hehehe  ;D

Kidding aside, it will be a perfect opportunity to his another experiment in the horizon, a crypto based bank. For sure this is what he is thinking, that's why he will go after the banks now and see how it goes.

And for his own word, he wants to bridge traditional financial to crypto and this is his first step.

Yes, CZ is getting bigger by the day and his vision has no boundaries.

He likes making lots of money?

That’s probably a good place to start, as to why he’s interested in buying banks. Maybe he thinks it’d be good to have a guaranteed, safe off-ramp for his customers. Easy exchange to fiat bank bridge with no bull shit bank chiefs stopping transactions.

So CZ is venturing into everything he can get his hands into, trying to monopolize the cryptocurrency market and now planning to invest in other sectors as well. Binance also invested $500 million in the Twitter purchase by Elon Musk. Having his cryptocurrency exchange and then having his own bank, it would be easier for anyone to make transactions from fiat to crypto and wise versa rather than looking for a third party if he is able to purchase one.

I didn't see the news but it's not shocking to me as well. CZ is a good businessman and this is a wise move if true. Banking system will change over time, he knows as an important figure in crypto industry. It doesn't have to be crypto bank or something, it's enough if it will be crypto friendly bank. I'm sure he did some good analyses and weigh pros and cons, he knows where to open -or buy- that bank. He visited a lot of countries and meet with leaders. That actually figures out now.

Owning a bank is not that bad though, maybe he is just diversifying his money or plan to have a crypto bank as well and in order to do this, he should have first to own a bank. CZ is just like Elon, very aggressive when it comes to adoption and they know what they are doing so with this, CZ is planning to go big and the only way to stay in the competition is that, to keep on innovating.

Do you mean, you want cryptocurrencies or bitcoin will replace the banking system? How can we do that when we live in a world where the government controls everything? Don't think so simply because cryptocurrency is profitable and convenient for you means the government will want it too. To me, cryptocurrency is a vehicle that will be used alongside the banking system, it is not created against the government.
CZ is a human being just like us and he is still under the control of the government, if he tries to create something against the government he will not get better in the end.

It's known that CZ is into the acquisition of businesses and I don't see anything wrong with that. He's a businessman, whether it's for crypto or not, he can do anything that he can.
He's got the money and he can pay it as soon as possible and he's just doing the usual thing a CEO does and that is to expand his businesses and that's what most CEOs have been into.
We can think of a bank that he buys that will be integrated with crypto services and that's a good idea, right?

I think CZ is trying out this: If Mohammed doesn't go to the mountain, then the mountain goes to Mohammed. If the banks(who represent a stronghold of the mainstream sectors, are hesitant about dipping their gold plated toes into crypto, then he, CZ a know crypto stronghold would buy up the banks and use them for crypto. My 2 sats, though

or just put it simply, he has the means to diversify his investments. banking system is close to his agenda as maybe he can also direct some of the fiat financial services that will offer crypto services also if in case he will acquire a bank. it is not a surprise in my opinion as they have similar services being offered to the public. why not capture the fiat users as well as crypto users?

The bank has a license for all financial services. In some countries, it is easier to buy an operating bank than to obtain all the necessary licenses.
The partnership with the Binance exchange will give the bank a large flow of customers, and this will stimulate the growth of the bank's share price.

That is a smart move for CZ going to buy bank, since bank are putting restriction in many difference countries not allow cryptocurrency transaction, i think, i time for bank know that cryptocurrency is not a joke business by the time banks mention to sell for specific figure amounts let me see, if Cz will not buy them. More over, with time, cryptocurrency we take over the world banking system, which has already stated through peer2peer transactions.   

CZ is purely a business man and I love his strategies if he mentioned of buying a bank then is another good entry point because I believe if he own a bank exchange from fiat to crypto currency or from cryptocurrency to fiat would be very easy. Although no one knows his next target unlike Elon Musk, since his purchased twitter , so CZ own a Bank I believe it's a very good move for crypto currency exchange and trading.

If he can, let him just buy it and make the bank a gateway for crypto to cash transactions, this way the populace who are interested in crypto but don't know how to go about it will get bank desk support and this will create tension for other banks. I expect regulators to come hard for him if he dares to make the bank a crypto heaven.