If you didn't manage to catch cz_binance's AMA in the r/Cryptocurrency subreddit, we've got you covered. Read the full discussion here 👇
On Saturday, May 21, CZ spent an hour answering r/CryptoCurrency’s top questions.Getting in direct touch with the community is a vital touchpoint for Binance and CZ. We want to hear your opinions and make your voices heard.
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.
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.3. “Did Binance stake UST in Anchor protocol, to generate yield for users?” b). You would likely make money too, with BNB forced to be bought and locked, your new allocation of LUNA2CZ - I am humbled by such a request. Thanks for the trust in me. But short answer is: unlikely.
CZ - In general Binance works hard to ensure users that hold coins/tokens on our exchange can receive airdrops intended for holders. The exact details will be worked out after there is an official consensus on what the Terra team plans to do.Are there any plans to implement systems that allow your customers to partake in governance votes?
9. “Why does Binance randomly lock customer accounts even though the customer is already verified for a long time. I am not asking for myself, but I have read such posts on the Binance Sub. Also even if customer re-verifies, many times the verification is failed? How is the customer able to gain access back to their coins if such an event occurs ? As this my biggest fear.”
2. 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. 11. “Is it in plans to incorporate Binance Academy into the main Binance app somehow as I believe many new users aren't aware of basic scam prevention and how to keep funds Safu. I believe a prompt to access information regarding scam prevention when registering on Binance will benefit newer members of the community greatly 👍”
CZ - 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. 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.
If you could trade crypto from the same wallet as you have your ticket, it could be a great way to onboard more users for binance aswell.” 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.
My personal assets are simple too. I am all in crypto, BNB and BTC. I use my Binance Card everywhere I go.24. “Are you acting like a federal reserve bank? Especially for monero?
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