Changpeng “CZ” Zhao, the Binance CEO, has strongly recommended that investors with little money and no experience not trade cryptocurrencies because the market is so volatile and hard to predict. If you need a trustworthy Bitcoin trading platform, go to this link.
Zhao, though, said this is not a problem for Binance. When asked why people should still trust the trading platform, he pointed to the company’s financial sheet:
We can only get money from some. We don’t have debt. No one owes us any money. We also did not offer loans on the site. Because of this, we never let a third party manage and use user assets to make money.
Zhao said that people withdrew money from Binance after FTX went down and other things happened that made people less likely to trust centralized exchanges. Because of all of these things, people were less likely to trust centralized exchanges.
He said again that Binance’s users would still be able to get their money out of the platform even if it stopped working.
Zhao thinks that this is not only possible but also very likely. He says that people might not need centralized exchanges if they use more apps for decentralized finance (DeFi):
“It would be great if we could make it easy and safe for 99% of the general population to keep their assets in their custody,” said someone who liked the idea. If we did that, we would not need centralized exchanges.
Zhao stressed that centralized exchanges and decentralized protocols are among the company’s investment partners. This gives users choices and helps people who are starting their businesses. Zhao said that centralized and decentralized exchanges are some of Binance’s investment partners.
“It doesn’t matter to us what tech you use. We aren’t trying to get everyone to join the centralized trading platform. If you think you know enough about trading to do it on a decentralized platform, go for it.
Binance Coin is a popular cryptocurrency made by the famous Binance Exchange (BNB)
Changpeng Zhao, Binance CEO, which is very powerful and goes by the name “CZ,” started the Binance Exchange, which is now the most well-known and, by far, the largest cryptocurrency exchange in the world.
Keep in mind that CZ is well-known in the cryptocurrency world to have a lot of power. Zhao has worked in the past for companies like OKCoin. But after Binance’s Initial Currency Offering (ICO), he gave the coin’s control to a new CEO.
Binance is the cryptocurrency exchange with the most trading pairs and the highest daily trading volume, about $23,353,456,594. They are so big that their biggest competitor, Coinbase, looks tiny next to them.
The history of BNB is fascinating for many reasons. Most of Binance’s money came from China and was raised through an ICO in 2017. Many early investors who bought in before the initial coin offering (ICO) have already cashed out, which might not have been the best thing to do.
Binance Coin’s ticker is BNB. Binance Coin’s first Initial Coin Offering brought in $15 million in just three weeks (ICO). Since then, BNB has moved from Ethereum’s blockchain to its blockchain, which was released on Binance in 2019.
According to CoinMarketCap, there are currently 161 million BNBs in use. It is the fifth largest cryptocurrency by market capitalization, which is $44.5 billion. When this article was written, this information was correct.
What is Binance Coin precisely for?
Binance Coin can be used in two main ways. First, it can be used as a “discount token” to pay fees on the Binance Exchange. Second, it can be used as fuel by the Binance Smart Chain.
When Binance Coin first came out in 2017, it was just a “utility token” that traders could use to get a discount on trading fees on the Binance Exchange. This was the main thing BNB was used for for a few years.
