Changpeng “CZ” Zhao, the ex-CEO of Binance, expressed disappointment with Europe’s pace in embracing digital currencies, saying the continent is making little to no progress in this area.
During his talk at the Token2049 event in Dubai on April 30, Zhao praised regions like the UAE for being highly supportive of business and crypto innovation, specifically pointing to Dubai’s active engagement in the space. He also noted Bhutan’s efforts to accumulate reserves in Bitcoin and Ether. In contrast, he remarked that Europe seems largely absent from serious discussions about national crypto strategies, with one notable exception.
“I don’t really hear much about Europe when it comes to crypto,” Zhao said. “Montenegro stands out—they’ve been very open, and we’ve had constructive conversations with their prime minister, who’s clearly ahead of the curve. But beyond that, Europe is kind of off the radar.”
Since stepping down from Binance in November 2023 as part of a settlement with U.S. authorities, and after serving a short prison term, Zhao has shifted focus to his educational project, Giggle Academy. He now resides in Dubai.
Global Crypto Strategies Leave Europe Behind
Back in 2022, Montenegro’s finance minister announced plans to turn the country into a blockchain innovation hub. Meanwhile, many European nations are still working on their regulatory approaches. The EU began rolling out its Markets in Crypto-Assets (MiCA) regulations in December 2024, aimed at providing structure for the crypto industry.
However, when it comes to building strategic crypto reserves, Europe appears to lag behind. The U.S. is already exploring such moves at both federal and state levels. In contrast, places like the Czech Republic have raised concerns over Bitcoin’s volatility, and many European leaders have remained quiet on the subject.
This year’s Token2049 conference in Dubai features some of the most prominent figures in crypto, including Zhao himself, Binance CEO Richard Teng, and Tether’s Paolo Ardoino.
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