Ex-Binance CEO chides Europe over crypto adoption

Changpeng “CZ” Zhao, the former CEO of crypto exchange Binance, said most European countries were moving “nowhere” in terms of the adoption of digital currencies.

Speaking at the Token2049 conference in Dubai on April 30, Zhao said that areas of the United Arab Emirates were “extremely pro-business,” leading to crypto adoption in Dubai, while others like Bhutan were building national Bitcoin (BTC) and Ether (ETH) stockpiles.

According to Zhao, the US was pressing other countries’ hands by exploring its own policies for a crypto reserve, but those in Europe didn’t seem to be reacting.

“I don’t see Europe in this discussion,” said Zhao, highlighting one exception. “Montenegro is actually quite pro-crypto. We had an active dialogue with [the] prime minister there, and he’s a very forward-thinking person, leader. But other than Montenegro, I don’t have any other, it’s kind of missing on the map.”

Related: ‘Wealthiest US prisoner’: How did Binance founder CZ get there?

Zhao, who has a home in Dubai, resigned as Binance CEO in November 2023 as part of a plea deal with US authorities pursuing charges against the exchange. Since leaving Binance and serving four months in prison in the US, he has become more involved with his educational platform, Giggle Academy. 

Montenegro’s finance minister touted efforts to make the country the “center of innovation in blockchain technology” in 2022, but other parts of Europe continue to work on regulatory frameworks for digital assets and encourage innovation. The European Union began to implement its Markets in Crypto-Assets (MiCA) framework in December 2024.

However, efforts by EU nations to introduce a strategic crypto stockpile seem to be falling short of those in the US, where lawmakers at the state and federal levels are pushing for it. In January, Czech National Bank representatives cited Bitcoin’s “significant volatility” in considering the cryptocurrency as a reserve asset, and many elected officials have been silent on the issue.

The Token2049 conference will bring together representatives of some of the largest crypto firms and policymakers in the world in Dubai. Speakers at the 2025 event include Zhao, Binance CEO Richard Teng and Tether CEO Paolo Ardoino.

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