Crypto Adoption Lags in Europe, Says Former Binance CEO

Changpeng “CZ” Zhao, the former CEO of crypto exchange Binance, expressed his dissatisfaction with the slow pace of digital currency adoption in Europe. Speaking at the Token2049 conference in Dubai on April 30, Zhao highlighted the stark contrast between the proactive approach of certain regions and the lack of progress in Europe.

Zhao noted that areas of the United Arab Emirates were “extremely pro-business,” which has facilitated the adoption of cryptocurrencies in Dubai. Similarly, countries like Bhutan are actively building national stockpiles of Bitcoin (BTC) and Ether (ETH). Zhao also mentioned that the US is exploring its own policies for a crypto reserve, which is influencing other countries' approaches. However, he observed that Europe seems to be lagging behind in this regard.

“I don’t see Europe in this discussion,” Zhao stated, pointing out Montenegro as a notable exception. He mentioned that Montenegro is quite pro-crypto and has had active dialogues with the prime minister, who is described as a forward-thinking leader. However, Zhao lamented that beyond Montenegro, Europe appears to be missing from the map of crypto adoption.

Zhao, who has a residence in Dubai, stepped down as Binance CEO in November 2023 as part of a plea deal with US authorities pursuing charges against the exchange. Following his resignation and a four-month prison sentence in the US, Zhao has become more involved with his educational platform, Giggle Academy.