OKX CEO Star: More time is needed to establish these compliance systems, and I believe more traditional financial institutions will build dApps based on the crypto network and benefit from it

ChainCatcher news, OKX CEO Star stated on social media that the approval of the Bitcoin spot ETF means that traditional financial institutions are accepting the crypto industry. Crypto is a revolution based on foundational technology, just like the internet, mobile technology, and artificial intelligence. The advantages of crypto do not lie in opposing regulation or anonymity; all transactions are permanently recorded on the blockchain and can be traced. Theoretically, due to the existence of on-chain ledgers, crypto companies can monitor transactions and detect suspicious activities better than banks. However, this industry is still young and needs more time to establish these compliance systems.

In addition, Star mentioned that some bad actors have harmed the industry's reputation. The true advantages of crypto lie in self-custody and transparency, which undoubtedly help build trust with customers. I believe that more and more traditional financial institutions will build Dapps based on crypto networks and benefit from these advantages. I am very proud to have worked in the crypto industry for 11 years, and I thank the customers, partners, and employees of OKX for growing together.