Binance Shouldn’t be Responsible to Every User’s Loss in the Industry: CZCZ addressed many questions in the most recent Binance AMA, related to the exchange’s reserves, state of withdrawals, the FTX fallout, and more.
One of the more interesting questions was from a user who made an argument that Binance investing in FTX gave legitimacy to the now-bankrupt exchange, which led many people to use it. He asked if CZ will consider refunding those who lost money.Answering the above, CZ made it clear that there’s a fine line when it comes to responsibility and that, especially when it comes to FTX, it should be shared to some extent.
When bad things happen, if you only blame other people, you will never be successful. When the FTX issue happened, many people had their responsibilities. For example, regulators can’t prevent everything. If they want to, they will still be a bad actor. He also explained that Binance doesn’t convert funds for their customers – whatever they choose to store, that’s what the exchange stores. Therefore, if all they want to buy is BUSD, that’s the only cryptocurrency they would store, he said.Being careful in his wording, CZ said that he thinks the biggest hit of this cascade is through. He said that when something like this happens, it’s usually the biggest actor that falls first, and what follows is a series of smaller actors.
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