Note: The article initially stated that CZ saw Ethereum as the future winner of the blockchain race. Edits to the article were made to better reflect CZ’s opinion of Ethereum’s long-term competitiveness.

Binance CEO Changpeng “CZ” Zhao sees no competition in Coinbase, as he believes the industry is primed for multiple major players to coexist.

In a recent interview with Fortune, CZ broke down the current state of the industry. Citing the ongoing efforts from both a regulatory and technological standpoint, CZ emphasized the relationship between major exchanges is far more harmonious than many might expect.

In developed markets, there’s more money to be made but more regulation and it’s saturated with competition. We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.

Interestingly, CZ shared that Binance is less interested in competing with Coinbase in the U.S. market, preferring to instead focus efforts in places like Malta where he can promote decentralized financial systems directly with heads-of-state.

CZ also touched on the current state of blockchains and smart contracts. While identifying projects such as EOS (EOS), Tezos (XTZ) and the upcoming Dfinity, CZ revealed that he believes that new entrants could outpace the current leaders in the space. He goes on to state that such platforms, including Ethereum, are not necessarily poised for long-term success due to the slow nature of their development.

The timing of the comment is interesting, as Ethereum creator, Vitalik Buterin, recently made headlines after stating that all centralized exchanges can “burn in hell” during an interview with Jon Evans at TechCrunch Sessions: Blockchain.

In response to Buterin’s provocative comments, CZ released a statement of his own defending the current state of exchange centralization and prompting Buterin to have a bigger heart.

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.