@binance co-founder and former CEO, holder of #bnb #btc
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Mar 1, 2023 • 5 tweets • 1 min read
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/
Feb 28, 2023 • 9 tweets • 2 min read
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/
Feb 20, 2023 • 6 tweets • 2 min read
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.
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.
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.
Feb 3, 2023 • 10 tweets • 4 min read
.@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
Feb 3, 2023 • 5 tweets • 2 min read
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…
Feb 1, 2023 • 7 tweets • 2 min read
Further positive regulatory news coming from @hkmagovhk, the Monetary Authority of Hong Kong.
We are greatly proud to see #Binance’s recommendations reflected in their, now published, stablecoin consultation results.
Highlights of their decided approach to stablecoins 🧵
Adoption of a risk-based approach to decide which stablecoins are in scope, aiming to mitigate risk to monetary & financial systems - thus starting with fiat-backed.
A few (non-exhaustive) reasons. Thread 1/98
Typo: 1/9 😉
Some in our industry hate centralization. Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX. Everyone is allowed to hold their views and voice their opinions. Nothing wrong with that.
Dec 13, 2022 • 5 tweets • 1 min read
FUD helps us grow, even though they are thoroughly annoying.
You can FUD about someone without explicitly mentioning their name, which spreads awareness.
It also helps unite their supporters because it forms a common defense alliance.
From day 1 of the Binance ICO (5 years ago), there were FUD sponsored by a large exchange then (now very small). Articles from “Why Binance ICO will fail” to “CZ can’t write code” showed up magically. 2/4
Dec 9, 2022 • 11 tweets • 4 min read
It seems $15m not only changed @kevinolearytv’s mind about crypto, it also made him align with a fraudster. Is he seriously defending SBF?
(baseless attacks start around 4:20).
A thread. 1/11
2/ We exited FTX 1.5 years ago in July 2021.
Since then, FTX invested in a myriad of companies, totaling to $5.5+ billion, including but not limited to:
A list of wrong narratives I have seen recently.
1 “CZ wants to be the savior of crypto.”
Crypto doesn’t need saving. Crypto is fine. It’s the beauty of decentralization. We are just part of it. We want to help other good projects that may be in a cash crunch because of recent events. It’s in our collective best interest.
Nov 8, 2022 • 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.
Nov 7, 2022 • 4 tweets • 1 min read
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
Nov 6, 2022 • 4 tweets • 1 min read
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
Nov 5, 2022 • 4 tweets • 2 min read
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
Nov 4, 2022 • 9 tweets • 2 min read
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 ...
Oct 26, 2022 • 4 tweets • 2 min read
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)
Sep 26, 2022 • 5 tweets • 2 min read
» 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.
It’s great to see the US moving towards a proposed crypto framework. Getting it right will help protect consumers, markets and spark responsible innovation. (1/9)
The correct regulations will drive technological innovation and preserve crypto’s fundamental value propositions of freedom and empowerment while ensuring the right guardrails are in place for consumer protection and choice. (2/9)
Aug 5, 2022 • 4 tweets • 1 min read
Quick thread on Binance and WazirX, and some incorrect reporting.
Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.
1/42/ On 21 Nov 2019, Binance published a blog post that it had “acquired” WazirX. This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX.
Jul 31, 2022 • 5 tweets • 1 min read
From our interactions, some countries want a segregated orderbook (liquidity). This is a BAD IDEA for a number of reasons.
Large liquidity is one of the best Consumer Protection mechanisms. It protects against market manipulation, volatility, and reduces liquidations.
1/52/ Imagine if we divided the liquidity by 180 countries. It will make it 180x easier for large traders to swing the markets, and significantly increase the volatility.
