Binance founder and CEO Changpeng Zhao said that cryptocurrencies do not need a savior, and cryptocurrencies will be fine, adding: “We are not a savior.”
The founder of “Binance” explained in an interview with “Al Arabiya”, today, Wednesday, on the sidelines of the Abu Dhabi Forum for Cryptocurrencies within the Abu Dhabi Financial Week Forum, that Binance is one of the players in the industry: “I tweeted that we will be selling some FTT coins for transparency purpose, we are taking a number of measures to protect our users and we are industry participants, cryptocurrencies are highly decentralized, bitcoin and BME or Ethereum will not go away, it will continue to grow.”
Changpeng Zhao said that cryptocurrencies will experience short-term volatility but looking at what is happening in the sector, these currencies have shown great resilience and I think the cryptocurrency industry will be fine.
The CEO said that the priority of “Binance” during the coming period is to focus on proving its reserves, and to facilitate customers’ confirmation of the existence of their money, and this is the easiest way to ensure that what happened to FTX is avoided.
Changpeng Zhao continued: “I believe that FTX transferred clients’ assets to other investments, and therefore FTX was managed as a hedge fund instead of a trading platform. As for us, it is a trading platform and we do not have a hedge fund, and for us, the easiest way to avoid what happened to FTX is to keep clients’ cryptocurrencies.” unused and unused.”
He added, “There is no magic, and the income of” Binance “depends on small commissions that it imposes on trades and achieves profits, and therefore its operations are sustainable.”
Regarding FTT coins, the founder and CEO of Binance said: “We sold a small part of it, we still have the largest part, and currently there are no plans to sell more.”