These programs are accompanied by user education and extensive disclaimers – we are transparent about how this works, and the risks associated,” he added.Įarlier on, the Binance CEO had sent out a Twitter thread that detailed the organization’s decision to suspend LUNA trading on its platform. “Yes, there were some, as part of the Earn program. The marketplace is neutral.”īinance, the largest exchange had staked UST in Anchor protocol to generate yield for users. High-risk tolerance buyers are willing to take over from sellers. “No one is forcing anyone to buy just because trading is on. “But I believe our action forced the validators to resume the network within a couple of hours.”ĭespite such a backlash, one thing remains – the overarching lack of bias in markets. “We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints,” he wrote. Binance resumed the trading of LUNA after the validators had forced the network to halt. Following this unfortunate event, Binance’s CEO has been vocal about it. The UST stablecoin lost its USD peg while LUNA shed off over 95% of its value. Answers revealedĬZ Reddit responded: Why Binance once said UST is safe will participate in the rebuild of Luna will Binance be counterparty what risks does BUSD have is BSC too centralized what is the value of Web3.0 How has life changed since the richest man? Questions included Binance’s decision to trade LUNA despite its collapse, and other such related doubts. Working to get it back so you can see my answers. Binance boss ChangPeng Zhao (CZ) in a wide-ranging AMA on Reddit and answered a variety of questions. The intervention comes as a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illegal activities such as money laundering and fraud.Īs a result, the FCA also issued a consumer warning this weekend against both the Cayman Islands-registered Binance holdings company and London based Binance Markets Limited.The mammoth crypto crash caused by the Terra ( LUNA) fiasco left different opinions from various people in the crypto community. The company must also now preserve information relating to UK consumers and inform that the FCA this has been done by July 2, 2021. They added: “The FCA has told Binance that by June 30 it must display a notice stating "Binance Markets limited is not perimtted to undertake any regulated acitivity in the UK" or on its website and social media channels. Marketing materials: Firms may overstate the returns of products or understate the risks involved.Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.Converting a cryptoasset back to cash depends on demand and supply existing in the market. There is no guarantee that cryptoassets can be converted back into cash.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |