Changpeng “CZ” Zhao, CEO of Binance, sharply cautioned novice and cash-strapped investors against trading cryptocurrencies. The CEO urged traders to do so especially in the face of the ongoing market volatility and unpredictability.
The FTX problem has had a detrimental impact on the entire sector. Furthermore, several centralized exchanges have had to temporarily suspend withdrawals. This contributed to the increase in market volatility. “We don’t have loans. We don’t have debt. We don’t owe anybody any money. We also did not give loans out of the platform. So we never take user assets and give it to a third party to manage and try to make yields.”
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Binance to create industry recovery fund as CZ holds AMA to calm crypto markets(Kitco News) - Changpeng Zhao, the CEO of Binance who found himself in the eye of the storm last week as FTX imploded, announced on Monday morning that the exchange will create a new fund to support viable crypto projects that face liquidity problems.
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Binance announces ‘Industry Recovery Fund’ to help cash-strapped projectsThe crypto-industry has been trying to wrap its head around the unexpected collapse of the world’s second-largest crypto exchange FTX. On one hand, investors are anxious about the safety of their funds on centralized exchanges. On the other hand, traders are scrambling to place trades in order to maximize their profits in this volatile market. […]
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