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CZ 🔶 BNB Profile picture
@cz_binance
Nov 8, 2022 • 1 tweets • 1 min read • Read on X
All crypto exchanges should do merkle-tree proof-of-reserves.

Banks run on fractional reserves.
Crypto exchanges should not.

@binance will start to do proof-of-reserves soon. Full transparency.

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More from @cz_binance

CZ 🔶 BNB Profile picture
Mar 1, 2023
There are confusions between terms: lending, staking, yield, earn, savings, etc. There are subtle, but important differences. I usually understand/define them as the following. 1/5
Staking refers to "locking" your coins on a blockchain to get rewards by helping with validating blocks. You maintain control of your funds (your keys). Staking rewards are usually governed at the protocol level, and are highly predictable. 2/
Lending is when you lend your funds to someone else to get interest. You no longer maintain control of the funds. If that person/entity goes down, you lose your principal. Risk profile here is very different from staking. 3/
Read 5 tweets
CZ 🔶 BNB Profile picture
Feb 28, 2023
I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done. 1/9
They called out Tron, Amber group, Alameda Research, etc. They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want. Their withdrawals are turned into “received hundreds of millions of shifted collateral.” 2/
Our users also must deposit to Binance first to be able to withdraw, which are also easily traceable on the blockchain. The article conveniently ignores the deposit transactions. 3/9
Read 9 tweets
CZ 🔶 BNB Profile picture
Feb 20, 2023
The word "offshore".

@jespow uses the word “offshore” quite often. Here is my feedback.

The term “offshore” appears overly narrow-minded, self-centered, misses the broader picture and unhelpful to the development of our industry.

thread: 1/6
2/ Taking an “on-shore” perspective, the issue discussed, FTX.US is an “on-shore” exchange. SBF and FTX’s key execs are Americans. They spent a considerable amount of their time and efforts lobbying in the US. This did not stop fraud from being committed.
3/ Drawing a distinction between “on-shore” and everyone else is self-centered and somewhat arrogant. Everyone is "on-shore" from their own perspective. “We are better than everyone else” is not a panacea towards building a better industry.
Read 6 tweets
CZ 🔶 BNB Profile picture
Feb 13, 2023
#BUSD. A thread. 1/8

In summary, BUSD is issued and redeemed by Paxos. And funds are #SAFU!
2/ We were informed by Paxos they have been directed to cease minting new BUSD by the New York Department of Financial Services (NYDFS).

Paxos is regulated by NYDFS.

BUSD is a stablecoin wholly owned and managed by Paxos.
3/ As a result, BUSD market cap will only decrease over time.
Read 8 tweets
CZ 🔶 BNB Profile picture
Feb 3, 2023
.@UNDP recently published a paper on the emerging applications of crypto in Africa and the evolving regulatory landscape.

It’s great to see the policy debate in Africa progressing, and I’m proud to see @BinanceBCF’s work mentioned 🧵

binance.com/en/blog/charit…
The paper highlights crypto’s unique benefits and use-cases in Africa & developing markets, such as:

- Facilitating cross-border trade
- Lowering remittance costs in line with the UN SDG of 3%
- Hedge against inflation
- Funding channel for critical causes: e.g. biodiversity
Stablecoins are already being used today for disbursing aid.

@mercycorps and Binance Charity piloted a stablecoin token pegged to the Ugandan shilling for faster and cheaper cash transfers to 2200 refugees & microentrepreneurs in South Sudan & Uganda.
Read 10 tweets
CZ 🔶 BNB Profile picture
Feb 3, 2023
I had the great honor of meeting Ray Dalio a few times in the past year. I read all of his books before I met him. I even tried to write down my own principles. But it was just so hard to extract principles and write them down. I was stuck on page 1. Thread 1/5.
After meeting Ray. He gave me a few tips. Write down the decisions you make and why you made them. So, a few months later, I published my principles blog. Ray unblocked my writer’s block. I am still working on version 2. 2/5
binance.com/en/blog/from-c…
Have I managed to get Ray into crypto? Not yet. I have been busy learning from him, and there is just so much to learn. Ray is an extremely humble guy. He understands money better than anyone. Yet he often humbly says he doesn’t understand enough about crypto. 3/5
Read 5 tweets

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