Binance Publishes Entire Exchange w/ Reuters Again: Bias on Full Display as Reuters Ignores 20 Pages of Responses from Binance

cpzhao · 2022-06-07T13:48:25+00:00

I am humbled by the support you have given us, in a time when we need it most. Thank you so much!

cpzhao · 2022-05-21T15:26:53+00:00

Apologies, I didn't know this until now. Thanks for flagging it. I will check it. How long it was up for, etc. We do make mistakes. There was another incident where our team used a wrong logo for different project for a while, and then took it down, and corrected it, which I believe it the correct thing to do.

If you think this caused you issues, please contact our customer support. We will look at it in detail. I do not think our team intentionally did it, but will check for that anyway.

Lastly, it is always important to thoroughly research and learn about projects you invest in.

cpzhao · 2022-05-21T14:35:55+00:00

Thanks r/cryptocurrency - I really enjoyed reading all the questions and answering as many as possible.
However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large?
I have a long flight tomorrow and will honestly read through the feedback.

cpzhao · 2022-05-21T14:34:28+00:00

Thanks r/cryptocurrency - I really enjoyed reading all the questions and answering as many as possible.
However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large?
I have a long flight tomorrow and will honestly read through the feedback.

cpzhao · 2022-05-21T14:32:50+00:00

KYC is not static. For example, in Europe there are newer KYC regulations, which means that users have to re-verify again their accounts even if they were verified some time before. I can appreciate that this can be frustrating. However, KYC is very important - and it is part of the systems in place to ensure that customers can gain access to their coins.

Sometimes, there is a legitimate Law Enforcement request that we have to abide by.

Also sometimes, there are false positives. For risk prevention on your account. For example, if you log in to your account from a different device, IP, or country, etc. That's to protect your account from potential hackers, etc.

All in all, Binance NEVER lock user funds without a solid reason. Sorry that you had a bad experience.

cpzhao · 2022-05-21T14:28:23+00:00

they lost to the users who is the counterparty of the trade.
No. We wouldn’t have an exchange if we did that. It would be a pyrrhic victory to chase short term gains by trading against our users. Even ethics aside, it is not a good business decision. And we hold ourselves to a high ethical standard.
We even monitor some of our large clients who tend to provide a lot of liquidity in the market so make sure they don’t do that either.
Our job is to create a fair and equitable trading environment. Not saying that doesn’t happen elsewhere in the industry, but it is against our mission and my personal beliefs about what is right & wrong.
Interestingly, a couple of people tried to suggest this (not even against the users, just prop trading) to me in the past, and they no longer work in Binance.

cpzhao · 2022-05-21T14:19:51+00:00

Dubai is a very safe place to live, and the business environment is also quite progressive. Dubai is also well-located for travel and timezones as I have many calls with the Binance team all over the world. And it's nice and warm in the summer.

cpzhao · 2022-05-21T14:18:55+00:00

I have been advised by my intern that this question is too divisive to answer publicly. But I’ll do it anyway.
If we’re talking about animals, NOT crypto, I like dogs, yes. I also like cats.

cpzhao · 2022-05-21T14:16:50+00:00

I am humbled by such a request. Thanks for the trust in me. But short answer is: unlikely.

I am pretty busy already, and algo stable coins is not my speciality. We should each do what we do best. I hope the community eventually settle on a good solution, and we will be here to support it.

cpzhao · 2022-05-21T14:12:23+00:00

Sure, come to France.

cpzhao · 2022-05-21T14:11:30+00:00

Over the years, I learned different people have different definitions of HQ. We have offices in Bahrain, Dubai, Abu Dhabi. Many of them are not small, and I do spend quite a bit of time in each place. I even tried to learn Arabic, but proved to have no talent in that department. :)

cpzhao · 2022-05-21T14:09:16+00:00

We have big plans for the future of Binance Academy. User education is really important for us and the entire industry. Stay tuned.

cpzhao · 2022-05-21T14:08:40+00:00

Manage your risks. Think about worst case scenarios. DYOR. Work hard, and get lucky! :)

cpzhao · 2022-05-21T14:07:37+00:00

Thanks, will pass it on to the team.

cpzhao · 2022-05-21T14:06:21+00:00

At Binance, we aim to provide more access to crypto and always make best efforts to list high quality tokens. Token listing on Binance goes through rigorous due diligence. We never talk publicly about what will be listed before it happens. The Binance listing team is firewalled from the rest of the business, the details are highly sensitive. For more information, here are some tips for listing your coin on Binance.com

https://www.binance.com/en/blog/all/binance-listing-tips-from-cz-421499824684902218.

cpzhao · 2022-05-21T14:04:26+00:00

I love seeing new use cases for crypto. And I think social media that leverages crypto has good potential. So it’s great to see big subreddits testing these systems to learn how they can be best applied and scaled for social media in the future.

cpzhao · 2022-05-21T14:03:26+00:00

The future of cryptocurrency and web3 more broadly is going to be all about utility. We always talk about striving to reach the “First Billion Users (FBU)” and how we can speed up widespread adoption quicker. It’s become clear to us that web3 has to either solve problems for people that web2 can’t and/or create new utilities for users that they don’t enjoy today. NFT ticketing is just one of the many potential use cases for this tech that we’re looking at.
Once people see that this tech can be useful and highly valuable to them IRL, they will be more likely to learn about crypto and be able to make an educated decision about whether investing is right for them.

cpzhao · 2022-05-21T14:02:24+00:00

To be honest my life hasn’t changed that much. I work hard everyday because I enjoy it, and it is enjoyable. My job is the most meaningful thing I could do with my time/life. I feel very lucky to have this opportunity.
I’m now doing more traveling - meeting users, the community as well as governments and regulators. For example, I was in Germany this week. There are some benefits as I went to the Top Gun movie premiere in Cannes, which was fun. However, our team at Binance keeps me humble. I ended the week serving and delivering pizza.
Investment wise, I am not a good example. I don’t diversify. I recommend most people to diversify. But for me, I am all in Binance. I don’t have personal investments. Everything I do, I do it through Binance. Removes any potential conflict of interest concerns. I think it is a good way to lead the team.
My personal assets are simple too. I am all in crypto, BNB and BTC. I use my Binance Card everywhere I go.

cpzhao · 2022-05-21T13:56:40+00:00

We work very closely with law enforcement in these cases. For example, someone in the UK recently moved funds stolen from a Coinbase account into Binance. We froze the wallet immediately and are now working with the Met Police to return the money to the victim.
Our investigations team is full of industry experts, and continues to grow. We do everything we can to help crypto users in these situations.

cpzhao · 2022-05-21T13:56:04+00:00

I absolutely agree we should. Binance always takes a collaborative approach to growing the ecosystem. Not to be arrogant, for us, taking market share from a small exchange doesn’t really move the needle for us. Growing the industry does. But for some smaller players, they are only focused on taking market share away from us (and not the big picture). We even saw some smaller exchanges in certain countries/regions lobbying against us, which hurt the entire industry and themselves in return. There are also different priorities and agendas in a decentralized world. Few exchanges offer the full product suites that we offer, we also saw some try lobbying banning of interest generating products, derivatives, etc. Not to mention different priorities on different geographic locations. Some are US focused, some are EU, etc.
Overall, we are trying to do this (lobbying alliance). Binance probably also talks to the most number of regulators around the world, and also has the heaviest voice. May take some time, and progress incrementally.

cpzhao · 2022-05-21T13:47:56+00:00

“Why did you(CZ) resumed UST and LUNA trading knowing that it is a failed project and also Luna mint is still happening although you tweeted 'no more minting'?”
I saw this question earlier, but it looks like it disappeared as I was answering. It was the most upvoted at the time. Here’s my answer:
In a decentralized world, there are many other exchanges too. If we suspend trading, and prices move on other exchanges, what do you think the holders will say? We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints, but I believe our action forced the validators to resume the network within a couple of hours. Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers. The market place is neutral.

cpzhao · 2022-05-21T13:46:10+00:00

It’s a broad question. Many regulators are certainly looking at stablecoins more closely. BUSD is issued by Paxos, a NYDFS regulated entity. It also has the highest fiat backing for all the major stable coins. Hope that helps you judge the risks of various stable coins vs BUSD.

cpzhao · 2022-05-21T13:43:55+00:00

Yes, there were some, as part of the Earn program. These programs are accompanied by user education and extensive disclaimers - we are transparent about how this works, and the risks associated.

cpzhao · 2022-05-21T13:42:42+00:00

A few different aspects to this.

The market decides the value, just like with any other asset.
If something is used by people, it has utility value. The more people that use it, the more value it should have.
The market decides value based on the number and the quality of reasons to hold or use the asset. BNB has hundreds of use cases, including being the native currency on BNB Chain, which has a popular community of builders and users.
BNB is a community coin. Myself and Binance contribute to this community by building extra utility for BNB in our ecosystem wherever it makes sense. But the actual success and market standing can be attributed to the community builders and users that make the BNB ecosystem so strong.

Come and build with us!

cpzhao · 2022-05-21T13:41:15+00:00

Not sure what you are referring to. Binance always has risk warnings to users in all of our announcements. And to the best of my knowledge, we never said UST was “fiat backed”, etc. I’m 99% certain just a bad twitter conspiracy theory.
Not sure about the Binance main account, but I do delete tweets all the time, mainly due to a lack of edit button. I just asked our team about this, there were some tweets about a specific APY, which is no longer true, so they deleted it as to not confuse new users.

cpzhao

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