CZ Shreds Europe’s Crypto Blueprint—’Ghost Protocol’ Leaves Regulators Scrambling

Binance’s ex-CEO drops truth bombs on EU’s vague crypto framework—while bureaucrats debate ’proportionality,’ the market moves at light speed.

No more waiting for Brussels to wake up: Zhao’s critique exposes the regulatory theater behind MiCA’s slow-motion rollout.

Bonus jab: If this were traditional finance, they’d have bailed out the paperwork by now.

In Brief

• Changpeng Zhao laments the lack of a clear crypto strategy in Europe, except for Montenegro.
• Countries like the Emirates or Bhutan are already accumulating bitcoin and ethereum as reserves.
• The EU is moving slowly despite the MiCA framework, with no coordinated crypto reserve project.
• The United States, with the recent example of Arizona, is gaining a strategic advantage.

Crypto: Changpeng Zhao criticizes Europe for its inertia in adoption

“I don’t see Europe in this discussion“, he declared. The only notable exception according to him: Montenegro, whose Prime Minister is considered “visionary and open“. The country also aims to become a center of blockchain innovation. But for the rest of the continent, the lack of concrete commitment to crypto is glaring.

Meanwhile, the European Union struggles to convince with the gradual implementation of the MiCA regulatory framework, launched in December 2024. Although it governs the crypto markets, no coordinated Bitcoin reserve project has yet emerged. In January 2025, the Czech National Bank mentioned an investment of 7 billion dollars in a bitcoin reserve, but BTC volatility posed a real obstacle to this adoption.

The Old Continent lagging behind American initiatives

In contrast, the United States is making progress on this issue with several legislative initiatives at the federal and state levels. As recently as April 2025, Arizona took a decisive step toward adopting bitcoin as a strategic asset. On April 28, the state legislature approved two bills, SB1025 and SB1373, allowing the state treasurer to invest up to 10% of public funds in crypto assets, including BTC.

These measures now await Governor Katie Hobbs’ signature to take effect. This precisely confirms Changpeng Zhao’s remarks: the world is moving, but Europe is slow to follow. A harsh assessment from CZ, affirming his role as a critical watchdog in the crypto world.

While bold nations are taking a stand on crypto, Europe remains frozen in observation, worse, it might even ban bitcoin. Changpeng Zhao’s criticisms now sound like a warning: without a quick response, the Old Continent risks losing its place in the new digital economy driven by cryptocurrencies.

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