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CZ 🔶 Binance Profile picture
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Nov 8 • 4 tweets • 1 min read
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.
Stay #SAFU. 🙏

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More from @cz_binance

CZ 🔶 Binance Profile picture
Nov 7
I was out with friends yesterday when the topic of whale alerts came up. Following our principles, I decided to be transparent. So I wrote a thread in 5 mins, and posted it. Little did I know it was going to be “the straw that broke the camel’s back.” 1/4
Everyone wants more transparency in our industry, right? My tweets were simple. There were questions about a large ($580m) FTT deposit to Binance, and we were transparent about the fact that we are closing our FTT position. 2/4
The fact that it sparked such levels of "discussions" was surprising. There were also conspiracy theories that I somehow orchestrated this whole thing. If you read this thread, you would appreciate that no one can orchestrate this. 3/4
Read 4 tweets
CZ 🔶 Binance Profile picture
Nov 6
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
We will try to do so in a way that minimizes market impact. Due to market conditions and limited liquidity, we expect this will take a few months to complete. 2/4
Binance always encourages collaboration between industry players. Regarding any speculation as to whether this is a move against a competitor, it is not. Our industry is in it’s nascency and every time a project publicly fails it hurts every user and every platform. 3/4
Read 4 tweets
CZ 🔶 Binance Profile picture
Nov 5
While on this topic, here is a photo from Jun 16, 2017, two days after we decided to do the #BNB ICO. The whitepaper wasn't finished yet. Vitalik was not an advisor. We each made a mistake that I can recount. 1/4
In June 2017, Vitalik argued that the #BNB price would go to infinity with a discount on fees. I said no, it's limited by the number of people who wants it.

He made a mistake there. 2/4
I made a mistake on #ETH in 2015. I told Vitalik a turning complete language on a blockchain is too big of a bite to chew. He won't make it. Obviously, I was mistaken. 3/4
Read 4 tweets
CZ 🔶 Binance Profile picture
Nov 4
Ever since Twitter’s new sink was in, I was asked about it in every interview. And I had many interviews last week. So, here is a summary.

Why did we do it? 6 reasons. 👇
1, we support free speech. Twitter is the global Townsquare. From singers/athletes/movie stars to politicians/CEOs/entrepreneurs, the crypto community and us little guys, Twitter gives us our voice. This alone is enough for us to invest ...
1.1 regardless of short-term stock price fluctuations, market conditions, etc. It’s a long-term investment in the cause. Free speech is a prerequisite for having freedom of money, which we are building for.
Read 9 tweets
CZ 🔶 Binance Profile picture
Oct 26
Quick story about the #Binance team relentlessly pushing crypto adoption globally.

2 weeks ago Binance got a license in Kazakhstan. But we didn't stop there. (1/4)
Since then, our team met with the First Deputy of the Governor of the National Bank of Kazakhstan (NKB), Berik Sholpankulov, and the Head of Payment and Technological Center, Binur Zhalenov. (2/4)
We introduced them to the #BNB Chain community to discuss testing integrating their CBDC (Digital Tenge) with @BNBCHAIN.

If you're not aware, NKB recently launched a CBDC pilot in a controlled environment and with real consumers and merchants. (3/4)
Read 4 tweets
CZ 🔶 Binance Profile picture
Sep 26
» Binance To Implement Terra Classic (LUNC) Burn Mechanism

Quick thread on what we’re doing and why below.

binance.com/en/support/ann…
Since my AMA on Friday, we’ve had a number of discussions about how Binance can better support the LUNC community’s requests for TX tax burns.

The last thing I said was we will implement an opt-in button. This has since changed. ‘Old’ blog for reference.

binance.com/en/blog/from-c…
Three things here:

1) The LUNC community wasn’t happy with this approach.
2) It’s going to take a while to develop.
3) It’s not going to work anyway. Our traders won’t vote for it.

Since then, we were discussing a better, quicker way to support the community.
Read 5 tweets

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