Justin Sun: In the future, all crypto exchanges will become decentralized

The entrepreneur believes that this is how platforms can build credibility and empower users

26.01.2024 - 14:50

137

3 min

What’s new? Justin Sun, the head of centralized exchanges (CEXs) HTX and Poloniex, as well as the founder of blockchains TRON and BitTorrent, has said that in the long term, all trading platforms will become decentralized. Speaking on the Bitcoin_som podcast, he explained that such a development will allow the cryptocurrency industry to build trust and empower users. According to him, transparency and security are key elements to achieve this goal.

Bitcoin.com’s podcast

What else is known? Sun recalled that HTX recently launched its own decentralized autonomous organization (DAO), which will allow customers to influence the development of the trading platform.

The initiative also saw the destruction of all HT exchange tokens held by members of the project’s team, 41 million coins worth about $79 million at the time. Since then, HT’s exchange rate has risen by 17,6%. HT tokens will soon be converted into coins with the HTX ticker, which will reduce trading fees and increase interest in DAO, Sun said.

Also during the podcast, the businessman said that TRON and HTX are willing to cooperate with the UN to fight fraud and money laundering.

Tether offers UN cooperation in developing measures to combat financial crime

The initiative was a response to a UN report on the growing popularity of USDT among criminals in Asia

Poloniex and HTX were alternately hacked in November for a total of over $210 million. Sun pledged to cover the losses and conduct an airdrop for users after the exchanges were fully restored.

At that time, analysts also named TRON as the most popular blockchain among terrorists. In early December, the number of TRON users passed the 200 million mark. By the end of the month, TRON took first place by the number of active users in 30 days (43 million).

In December, India’s financial intelligence agency called for HTX to be blocked for violating AML laws, and Apple removed the exchange’s app from the local App Store.

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