CZ 🔶 BNB Profile picture
May 13, 2022 7 tweets 2 min read Read on X
1. At #Binance we prioritize user protection. We made the decision to suspend LUNA and UST trading. Here's why.

A thread 👇
2. An exponential amount of new LUNA were minted due to flaws in the design of the Terra protocol. Their validators have suspended their entire network, resulting in no deposits or withdrawals possible to or from any exchange.
3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.
4. While #Binance always aims to be neutral, helpful and protective of all users and industry peers, and we typically refrain from commenting on other projects, I will break that rule this time.
5. I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all
6. (This is in sharp contrast to Axie Infinity, where the team took accountability, had a plan, and were communicating with us proactively. And we helped.)
7. We know there are different opinions in the community, we felt suspending trading is the best way to protect our users at this time. We will continue to monitor the situation closely 24/7. All actions will be announced on @binance. 🙏 - CZ

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More from @cz_binance

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
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
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
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
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
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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