The founder and CEO of the world’s largest cryptocurrency exchange, Binance, Changpeng Zhao, known as “CZ’ is meeting national congressmen – Olbiil Era Kelulau, today to discuss having Palau’s digital residents’ ID cards recognized on Binance’s platform.
Mr. Zhao is also accompanied by Bril Wang of Cryptic Labs, Palau’s Digital Residency Program partner.
In a letter to OEK, President Surangel Whipps Jr. requested to have Mr. Zhao present the plan to utilize Palau’s Digitial Residency, to have digital residents’ ID cards on the Binance platform.
“Recognition of Palau Digital Residency Program’s Know-Your-Customer and anti-money laundering or KYC/ALM vetting process has the potential to attract many new users to the Digital Residency program,” President Whipps said of the opportunity to grow the digital residency program.
Binance is a multi-billion dollar cryptocurrency exchange and blockchain business, the largest in trading volume as of April 2018, according to Wikipedia, (https://en.wikipedia.org/wiki/Changpeng_Zhao). Mr. Zhao himself has a net worth of 17.4 billion USD (2022) according to Forbes.
President Whipps actively promotes the creation of the fintech industry in Palau as means of diversifying the economy.