CZ and Justin Sun drew attention to the high risk in the crypto market in their recent statements. Binance CEO CZ recommends paying particular attention to meme coins…
Binance CEO speaks as PEPE and FLOKI are listed
The leading crypto exchange listed trending meme coins PEPE and FLOKI yesterday evening. While Binance shared the listing announcement on Twitter, CZ issued a few caveats to the community at this point.
Binance CEO said, “Meme coins (and all cryptocurrencies) are high risk. Remember, no one is forcing you to buy them. Do your research and be responsible for your own actions.” He implied not to be fooled by the Pepe Coin rally, which gained 4,000% in just two weeks.
Meme coins (and all crypto) are high risk!
Remember, no one is forcing you to buy them. DYOR and be responsible for your own actions. https://t.co/4GBHB3Llkx
— CZ 🔶 BNB (@cz_binance) May 5, 2023
As Kriptokoin.com, we have included the reaction of PEPE and FLOKI prices after the Binance list in this article. Binance also shared in a new announcement today that it has launched trades for FLOKI with up to 20x leverage.
Shortly after CZ, Justin Sun, the founder of the Tron network, made a statement regarding the risks in the cryptocurrency market. Sun’s warnings were that new projects are highly volatile and speculatively priced.
“New projects always carry high risk”
Justin Sun says that TRON and BitTorrent, which he is the founder of, always strive to bring new projects to the ecosystem. But he warns that these projects are high risk. According to their description:
TRON and BitTorrent’s efforts for new projects and HuobiGlobal’s increased listing announcements caught my attention. While I may retweet new projects from time to time, I want to point out that this does not constitute an endorsement…
….and new projects always carry high risk. It is very important to do your research before investing and my retweets are not financial advice.
…. and new projects are always high risk. It's essential to do your research before investing, and my retweets are not financial advice.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 6, 2023
Binance and Tron founders warned of the risks in the cryptocurrency market of the latest statements. On the other hand, in the hot development that emerged today, Binance is under investigation for violating Russian sanctions.
US Justice Department is investigating Binance for violating Russian sanctions
Binance is under investigation by the Department of Justice (DOJ) national security division for allowing Russians to use the cryptocurrency exchange in violation of US sanctions, according to a report published May 5 on Bloomberg.
According to sources, the national security investigation is being conducted in conjunction with a crime division investigation. Binance is the target of several investigations, including a DOJ investigation into Anti-Money Laundering (AML) violations in the US.
The Justice Department is investigating whether Binance was used illegally to let Russians skirt US sanctions and move money through the world’s biggest cryptocurrency exchange https://t.co/AVgG55iSmx
— Bloomberg Crypto (@crypto) May 5, 2023
Binance limited its services to Russia after sanctions were imposed on the country in April 2022. However, it continued to operate in Russia, according to a company executive. It blocked only parts of Ukraine that were no longer under government control and only served non-sanctioned individuals. You can check the details in this article.
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