The head of Binance voiced his forecast for the future of cryptocurrency exchanges

The CEO of the world’s largest cryptocurrency exchange believes that decentralized finance (DeFi) and decentralized exchange platforms (DEX) will outshine their centralized counterparts in the long run.

«I think that in five or ten years, decentralized exchanges will be bigger than centralized exchanges… I would say, at most, in 10 years, DEX [і] DeFi will be bigger than CeFi.»

According to Zhao, however, centralized exchanges should not be discounted: «Centralized exchanges will take a long time to become obsolete. It will take five [або] 10 years, [перш ніж] DeFi will become bigger than centralized exchanges, but centralized platforms will continue to play a role for decades to come.

There are still many people who are much more comfortable using email and password. If you ask my parents' generation, they would have preferred [адресі електронної пошти та паролю] instead of using a USB drive to create encrypted backups of their private keys.

I think that technology will improve to the point where decentralized exchanges will become much more convenient to use. In fact, they are easier to use because you at least don’t have to do KYC [правила знай свого клієнта]. You don’t have to do all these tedious processes. With DeFi, you can control your wallet yourself."