Binance CEO Changpeng Zhao talked about Terra (LUNA) and the overall market. Zhao founded Binance, which has become the world’s largest cryptocurrency exchange by daily trading volumes. Binance’s average daily volume is over two billion, with over 14,000 transactions per second. Here are Zhao’s statements…
Binance CEO’s response to the LUNA and UST events
Binance’s co-founder and CEO Changpeng Zhao (CZ), “question and answer” held on Reddit He answered questions from the Reddit community at the event. In certain parts of the CEO’s speeches, LUNA and UST, which are the most talked about coins of recent times, were also included. He also talked about the exchange’s own coin, BNB. As we reported on Kriptokoin.com, Luna’s decline started when its sister cryptocurrency, TerraUSD, lost its stable value against the US dollar. The prices of the two tokens were traded interdependently.
When the price of TerraUSD fell, investors raced to sell their holdings. Luna’s price was dragged down by the drop in TerraUSD. Binance has temporarily suspended LUNA and UST transactions. CZ used the following statements in his statements on this subject:
As far as I know, UST’s ‘fiat supported’ etc. We never said it was. We suspended trading for a short time when validators paused the Blockchain, which caused a lot of complaints, but I believe our action is pushing the validators. We then reopened the transactions. […] We do not force anyone to ‘buy’. The market has its own rules. Risk takers can buy.
The value of BNB was also among the talk
CZ also mentioned Binance’s crypto money, BNB, and BNB Chain. “The more people use it, the more value it should have,” he said. “The market decides value based on the number and quality of reasons to hold or use the asset,” said CZ, adding:
BNB on BNB Chain, which has a popular developer and user community It has hundreds of use cases, including being a local currency. BNB is a community coin. Me and Binance are contributing to this community by creating extra utility for BNB wherever it makes sense in our ecosystem.
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