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.”

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. 

This is a developing story, and further information will be added as it becomes available.