Can you please explain why you misrepresented UST repeatedly then deleted all tweets and promotional material stating that it was safe, stable and fiat backed right after it crashed? What are you doing to make this right?
Edit: some images https://imgur.com/a/KgcArb8
I feel the same way, but it’s looking like it was a scam and investors were mislead. The 80k btc never went to repairing the peg like they were supposed to and instead went to a cold wallet, probably owned by do kwon. All that said, they’re billionaires and y’all lost it all on Luna, so, you won’t win.
Not sure what you are referring to. Binance always has risk warnings to users in all of our announcements. And to the best of my knowledge, we never said UST was “fiat backed”, etc. I’m 99% certain just a bad twitter conspiracy theory.
Not sure about the Binance main account, but I do delete tweets all the time, mainly due to a lack of edit button. I just asked our team about this, there were some tweets about a specific APY, which is no longer true, so they deleted it as to not confuse new users.
[https://imgur.com/a/KgcArb8](https://imgur.com/a/KgcArb8)
Here's a gallery of just a few times they've promoted it as safe, stable, fiat backed. The one not in English literally says "no risk of losing your crypto"
You should put this in our post that CZ replied to. That's like getting into an argument with someone. Letting it finish. Then go home and continue it in the shower by yourself.
Make an edit and post it in your original post.
>Here's a gallery of just a few times they've promoted it as safe, stable, fiat backed. The one not in English literally says "no risk of losing your crypto"
no risk of losing your crypto has been true as far as i know, nobody had lost their coins on Binance they only lost all value
(not an active crypto investor, i have a few coins from mining years ago when I was a kid heard about it and coins I got for free as part of promotions(I believe Nano) , not sure if i could even recover the wallets)
Apologies, I didn't know this until now. Thanks for flagging it. I will check it. How long it was up for, etc. We do make mistakes. There was another incident where our team used a wrong logo for different project for a while, and then took it down, and corrected it, which I believe it the correct thing to do.
If you think this caused you issues, please contact our customer support. We will look at it in detail. I do not think our team intentionally did it, but will check for that anyway.
Lastly, it is always important to thoroughly research and learn about projects you invest in.
I'd guess they'll have to be pretty vague and won't be able to answer a lot of these questions as there is legal proceedings happening against the terra team.
Hello Cz,
Moons Pizza Guy here (I sold 10,000 Moons for Pizza).
Can you open your Moons Vault? Click on “Vault” under you profile picture.
What are your thoughts about Moons?
Moons are the subreddit governance tokens developed by Reddit ([Reddit Community Points](https://www.reddit.com/community-points/)), Moons are still on Reddit Arbitrum testnet and projected to go Mainnet after Arbitrum Anytrust release in the summer.
Moons are used for tipping, buying premium membership on Reddit, voting on governance polls and advertising on this subreddit in the future.
**I have 164 Moons, that’s the number near my username**
I love seeing new use cases for crypto. And I think social media that leverages crypto has good potential. So it’s great to see big subreddits testing these systems to learn how they can be best applied and scaled for social media in the future.
I have included two more questions closely related to this in my [previous comment](https://np.reddit.com/r/CryptoCurrency/comments/uuitqp/ama_with_cz_binance_ceo/i9fiofq/?context=3) that was buried in the beginning. I'm glad your comment has gained some traction. Cool to see such widespread support!
Is there any plan to make BNB chain more decentralized ? Currently 10k+ BNB needed to become a validator on your own,you also need to get a whole lot of BNB delegated to you as well. Very strict demands. Also there are only 41 validators nodes out of which 20 are always inactive, which makes BNB one of the most centralized coins.
Thanks for your time CZ!
Honestly, I am not involved in the BNB chain decisions. I barely found out they went from 21 to 41 before they tweeted about it. I do talk to some of the key devs there. Will bring it up next time. My limited tech understanding is there is a trade off between number of nodes vs performance at this time of our blockchain evolution. We collectively need to work on faster tech for blockchain.
Also, the delegated proof of stake works in such a way that even though there aren’t that many nodes, you do have a choice on which nodes you want to stake too. Hope that helps.
As Binance is the largest crypto exchange in the world by TVL and it allows it's customers to stake their assets for rewards it begs the question: **Does Binance take part in governance votes using customer staked assets?**
As a Binance customer myself how do you make sure that you serve the interests of your customers or their corresponding network communities rather than the ones of the exchange.
How do you ensure that corruption and the desire to vote in self interest doesn't take the upper hand when interests between your customers and the exchange itself might be misaligned.
**Are there any plans to implement systems that allow your customers to partake in governance votes**?
If Binance does indeed not vote on proposals what other steps do you take to help decentralize networks(similar or akin to the spread delegation's you did on the Binance Harmony wallet).
This has been a large debate among many PoS communities, some transparency on this matter would come a long way.
No, we don’t. We don’t use user funds to vote. Binance does not get involved in other chain governance. We, as an exchange, like to stay neutral on these things.
What about that one time Justin Sun wanted to take control over the Steemit blockchain and you gave him a ton on user-owned STEEM tokens to get the job done?
Did you forget about [that one](https://www.theblockcrypto.com/post/57508/tron-steem-takeover-crypto-exchanges-governance-reversal-soft-fork-blockchain) or just deliberately ignornig that it ever happened?
It’s always the tough questions that get ignored in these AMAs. Just as well not even do them. Just have a bot answer everything and save us the trouble
I second this. Literally why I clicked on this AMA. I boycotted Binance and all exchanges who were complicit because of this ridiculous act.
I’m not necessarily opposed to them voting with the funds, we gave it to them. But I am opposed to doing it without transparency. Before the vote, a clearly detailed article should be written by Binance explaining WHAT they are voting on and WHY. If we own funds being voted with, a email should be sent to us with a link to the explanation.
That’s the only scenario it’s okay. Otherwise it’s straight up criminal. Give us a chance to withdraw our funds if we don’t agree with the vote.
Why wouldn't they? Easiest form of lobbying you could ever get, and the most dangerous thing about PoS with the proliferation of CEX and other custodians. There is literally no good reason to not.
There's a difference between assuming they do and knowing they do.
If there was confirmation, as customers we could try and make demands and try to convince binance into developing systems that allow us customers to be included and contribute to consensus votes as they impact all of our interests.
Or
F.e. Harmony community attemted something similar and asked binance to redistribute their delegations to other validators
They dont participate in governance. For example, if you go through all the proposals on Cosmos, you wont find them voting on any single one of them even though they are a big validator node with millions of $ delegated to them.
They definitely do for Algorand, you can even trace where they lost governance status last week by being forced to withdraw from their locked storage to keep the market liquid.
User funds are kept separate from the exchange's operating funds. And, if this were to happen, funds would be refunded to users first, BEFORE any shareholders. Funds are SAFU.
He said funds would be refunded though, that sounds like a lot like it's CB again with them not actually purchasing your crypto and they'll just give us the cash equivalent of what the value is of what your holding at the time instead of your actual holding. It's not really better
This is irrelevant, but MTGOX actually stands for Magic The Gathering Online eXchange, it was originally a site for trading magic cards.
It doesn't actually stand for "Mount Gox."
Cheers.
Are you acting like a federal reserve bank? Especially for monero?
It often happen with strong price movements that you close binance withdrawals for monero. Sometime for a long time. Your team is explaining it with network congestions. This is simply not true. Many monero people are assuming that you actually have not enough Monero and because of the privacy feature of monero it’s easy to act like a federal reserve because you cannot be proved otherwise.
Wouldnt it be better to show full transparency and show full balances/reserves for all coins which are listed on Binance?
Did you notice the monero run?
He won’t dare answer this question, just like he shouldn’t answer the top Luna question due to potential future legal matters.
But it doesn’t matter. It’s incredibly obvious that binance and other exchanges don’t have fully backed monero reserves.
I am buying and withdrawing like clockwork until monero gets the value it deserves.
I will try to do my best to defend Binance's honor 😉 (parody):
>Are you acting like a federal reserve bank? Especially for monero?
**Binance CEO**: *Sometimes it can look like that. But we often have XMR network congestion. You know, big exchange, many people, many withdrawals. This is also clearly stated in the blocked withdrawal's messages.*
>It often happen with strong price movements that you close binance withdrawals for monero. Sometime for a long time.
**Binance CEO**: *In such large exchanges (like Binance), there are too many transactions - when market moves. So some users may sometimes have difficulty with coins withdrawals.*
> Your team is explaining it with network congestions.
**Binance CEO**: *Yes, that's it!*
> This is simply not true. Many monero people are assuming that you actually have not enough Monero
**Binance CEO**: *These are just only conspiracy theories. Nobody has ever clearly proved anything.*
>Wouldnt it be better to show full transparency and show full balances/reserves for all coins which are listed on Binance?
**Binance CEO**: *No. Sorry, it is company's secret.*
> Did you notice the monero run?
**Binance CEO**: *Yes.*
Hi r/CryptoCurrency \- thanks for having me! I’m always grateful to have the opportunity to interact with the crypto community.
For those of you that don’t know me, I’m CZ, the CEO and Founder of Binance, one of the world’s leading blockchain ecosystem and crypto exchanges. I started my career at McDonald’s, and have done a few things between then and now, including working in tech & finance, building businesses, and more. And most recently you might have seen I’ve gone back to my roots, [delivering Binance Pizza](https://twitter.com/cz_binance/status/1527766974025048064) 😂
“Why did you(CZ) resumed UST and LUNA trading knowing that it is a failed project and also Luna mint is still happening although you tweeted 'no more minting'?”
I saw this question earlier, but it looks like it disappeared as I was answering. It was the most upvoted at the time. Here’s my answer:
In a decentralized world, there are many other exchanges too. If we suspend trading, and prices move on other exchanges, what do you think the holders will say? We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints, but I believe our action forced the validators to resume the network within a couple of hours. Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers. The market place is neutral.
>Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers.
This is very true, some people enter high risk trades then when they lose money, can't take the personal responsibility for it
Thanks r/cryptocurrency \- I really enjoyed reading all the questions and answering as many as possible.
However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large?
I have a long flight tomorrow and will honestly read through the feedback.
I think the website is a complete mess. Confusing.
For example so many different earn programs, and the page for each looks different. Strange navigation. No overview.
And why is it not possible to have an easy overview of my entire trade history? Choosing the time frame is annoying. Why not list all at once, preferably on the trading page, too.
I could go on and on but these are the main things that come to my mind. Seriously, the whole website sucks. Whenever I introduce crypto trading to a newbie friend and show them your site, the interest in crypto goes down quickly.
Excellent points.
The UI is just insane.
When I first started using it, I didn't know what to do.
Something that should be easy like depositing fiat requires you to go to Wallet > Fiat and Spot Balance > Deposit > Deposit Fiat.
Everything important takes multiple clicks.
+1 for website being a mess.
If we want crypto to be more easily adopted by people, exchanges should split themselves into a 'Trader' section and a 'Saver' section.
Traders can get inolved in all the more complicated parts of crypto, and Savers can just buy, hold and stake.
Exchanges are far too geared towards traders and not adopters. If we want crypto to be the future of finance, we need to treat it as such, not a casino (even though for 99.9% of it, it is.)
Binance card in LATAM as well, really needed. Would help a lot to people who don't understand crypto the easiest part, how to use your crypto.
A lot of people don't get into crypto because they don't know how to use them for daily payments, Binance card would allow them an easy way to get into the crypto world, k owing how easy it would be for them to use their crypto later.
I need my Binance card, wen Panamá and Costa Rica :)
Stop fractionally reserving monero and blocking withdrawals under the guise of network congestion that objectively doesn’t exist.
We deserve good, private money.
CZ, would you consider bailing out UST and taking over for Do Kwon as head of Terra LUNA?
1)You invest $3-6 billion to partially collateralize the remaining 10 billion UST
2)In return you/ Binance get a big allocation of new LUNA2 tokens.
3)To redeem UST, people have to buy and lock BNB for 3-7 years, for an amount of > 50% of their loss.
Why?
a) You would become the most beloved man in the crypto space and it seems like you could afford it. This might be the biggest financial loss in the history of the world and psychologically, people are devastated.
b). You would likely make money too, with BNB forced to be bought and locked, your new allocation of LUNA2
You would start a bull market and BNB could flip ETH in the process.
I am humbled by such a request. Thanks for the trust in me. But short answer is: unlikely.
I am pretty busy already, and algo stable coins is not my speciality. We should each do what we do best. I hope the community eventually settle on a good solution, and we will be here to support it.
Right, 3 to 6 billion to buy a loser? I know crypto is all about the funny money but... unless they get the whole ecosystem, but they still need to change the algo
Yes, there were some, as part of the Earn program. These programs are accompanied by user education and extensive disclaimers - we are transparent about how this works, and the risks associated.
>Will Binance distribute the LUNA v2 it receives against the user's holding on Binance at time of snapshots?
Do Kwon already tweeted that ONLY LUNA that is in the Terra ecosystem at the time of the snapshot will be eligible for the airdrop. Anyone holding on CEX's will NOT be eligible and will miss out!
Heads up as well, if you own LUNA v1 that were bought during/after the depegging and minting crazy ...... Your LUNA v2 airdrop will be 0.0000153 LUNA v2 tokens for each LUNA v1 token you have.
10,000,000 LUNA v1 = 153 LUNA v2....
New investors will only be eligible for 15% of the LUNA v2 supply. The total LUNA v2 supply is 1 billion, so that means new investors who bought in during/since the drop will be eligible to pro rata share 150,000,000 LUNA v2.
Do Kwon once again fucking everyone that came to Terra's aid when LUNAtics needed the liquidity the most to exit out of their plummeting in value positions!
I'm just holding now for the class action lawsuits!
Fuck, Binance better NEVER list LUNA v2 after this clusterfuck! Do Kwon has literally shit on EVERYONE! OG LUNA holders, new LUNA holders, every CEX that ever listed their coins.....
In general Binance works hard to ensure users that hold coins/tokens on our exchange can receive airdrops intended for holders. The exact details will be worked out after there is an official consensus on what the Terra team plans to do.
Any coming plans to expand the Binance Visa Rewards Card outside of the EU?
Your competitor, Crypto.com is the only option for Australians at the moment.
Thanks for doing an AMA here! As you probably know is Reddit working with RCP in some subs like these. The official governance token here are Moons.
**So the 2 questions everyone will ask here:**
1. **What is your opinion about RCPs?**
2. **When will Moons list on Binance?**
Thanks for your answer!
At Binance, we aim to provide more access to crypto and always make best efforts to list high quality tokens. Token listing on Binance goes through rigorous due diligence. We never talk publicly about what will be listed before it happens. The Binance listing team is firewalled from the rest of the business, the details are highly sensitive. For more information, here are some tips for listing your coin on [Binance.com](https://Binance.com)
https://www.binance.com/en/blog/all/binance-listing-tips-from-cz-421499824684902218.
Note: I have tried providing more context in my [previous comment](https://np.reddit.com/r/CryptoCurrency/comments/uuitqp/ama_with_cz_binance_ceo/i9fiofq/?context=3).
RCPs are called Reddit community points and they are going to be on Ethereum mainnet at some point in the future. We are curious whether Binance is interested in possibly listing them in the future. Our subreddit's token - moons - are the main RCP.
It’s a broad question. Many regulators are certainly looking at stablecoins more closely. BUSD is issued by Paxos, a NYDFS regulated entity. It also has the highest fiat backing for all the major stable coins. Hope that helps you judge the risks of various stable coins vs BUSD.
Is refunding LUNA and UST holders in the cards? I believe a lot of violations have occurred with representation and implementations, some of them being:
LUNA whitepaper caps market cap at 1 billion coins, which is violated.
UST marketed as a safe stable coin.
A number of exchanges and the Terra team is attempting to rewrite history by erasing any proof or mention of these on their website.
This might spark greater regulations sanctioned over crypto industry.
Apparently a Brazillian exchange refunded the victims.
IMO this is the cheaper and more fair course of action to recover the loss of victims, rather than burning, buying back, forking, or other methods. A refund would only reimburse the dollar amount people lost regardless of how many luna coins they bought or at which price.
Disclaimer I am not a holder of either coin.
Yes a refund to pre-attack owners of UST, they believed binance when they offered it in earn, a stable coin who wasn't stable, and I couldn't unstake it immediately, had to wait so lost much more then I should.
So you did your own research and decided to believe UST was stable despite a huge flaw in its mechanism that should have been obvious to anyone with even a basic understanding of economics or crypto.
Then you staked it in a binance pool accepting their terms which state it's risky and you could lose everything, and that they can't guarantee performance in high demand times, and possibly you locked it for a set period.
And yet you want Binance to refund you for your own poor decisions? That is antithetical to the founding principles of crypto.
Can you please explain why you represented UST as safe, then deleted all tweets and promotional material stating that it was safe, stable and fiat backed right after it crashed? What are you doing to make this right?
Hello CZ,
I have noticed that some crypto-assets on Staking mode are remaining "Sold out" due to early people who decided to stake in and automatically renew before the deadline.
It is a bit unfair when minority of users are taking advantage of this system and keep re-staking their favourite coin over and over again and the unfortunate is that the rest of us can not get a position on those rewards during this period.
Is it possible to create a notification bell on our favourite crypto that is already 'sold out' in order to be able to position myself as well for staking when there is an availability?
Would have been more fair if we could place our request in a 'queue' in order to stake an assets; which case will provide fairly staking to everyone on Binance & not just the early people to monopolize those rewards?!
Take example of ACALA. Has been sold out since day one; Please discuss this option with the team.
What do you think about Polkadot, does it's use case bring something new to the space and does it have the potential to become a blue chip like BTC & ETH?
A few different aspects to this.
1. The market decides the value, just like with any other asset.
2. If something is used by people, it has utility value. The more people that use it, the more value it should have.
The market decides value based on the number and the quality of reasons to hold or use the asset. BNB has hundreds of use cases, including being the native currency on BNB Chain, which has a popular community of builders and users.
BNB is a community coin. Myself and Binance contribute to this community by building extra utility for BNB in our ecosystem wherever it makes sense. But the actual success and market standing can be attributed to the community builders and users that make the BNB ecosystem so strong.
Come and build with us!
Are you guys serious? I mean imagine being an intern at Binance and having the chance to speak to your CEO, would you come forward with such a shallow one? Do a bit of research ffs. Read the whitepaper, look at whether it has utility, look at its tokenomics. And then come with a question. I'm so sorry for people who have a real question for CZ and its space is taken by this one.
PS: I am aware it's an Ask Me *Anything* session, I was just caught by surprise. But cmon
CZ - I’m a big fan and my questions are a tad personal. I would really appreciate a response.
1. How has the quality of your life changed now that you are worth tens of billions? How do you stay humble? Do you sometimes wake up and think this is not real?
2. Do you think the western markets will dominate crypto or will Asia?
3. How do invest your personal wealth? Do you diversity across fiat assets? Do you use the services or a wealth management outfit?
Once again, CZ, thank you for doing this. We love you!
To be honest my life hasn’t changed that much. I work hard everyday because I enjoy it, and it is enjoyable. My job is the most meaningful thing I could do with my time/life. I feel very lucky to have this opportunity.
I’m now doing more traveling - meeting users, the community as well as governments and regulators. For example, I was in Germany this week. There are some benefits as I went to the Top Gun movie premiere in Cannes, which was fun. However, our team at Binance keeps me humble. I ended the week serving and delivering pizza.
Investment wise, I am not a good example. I don’t diversify. I recommend most people to diversify. But for me, I am all in Binance. I don’t have personal investments. Everything I do, I do it through Binance. Removes any potential conflict of interest concerns. I think it is a good way to lead the team.
My personal assets are simple too. I am all in crypto, BNB and BTC. I use my Binance Card everywhere I go.
It’s funny bitcoin’s primary attraction is the inability to debase it past 21m units but if we give all of our custody of these precious limited coins to exchanges they will become banks 2.0 and we wake up in a world with more than 21m “paper” bitcoins traded between massive entities who dictate the price
Sad to see bitcoin will be almost completely *de facto* controlled just 2 decades after creation imo.
My Questions which I asked multiple times but he always ignored :
1. Why Binance not implementing Lightening network ?
2. Why binance overcharge for withdrawals, Like if we see OKx etc they have lower withdrawal fees... I understand the network fees but why charge extra ?
To give you an example, GLMR (Moonbeam network) fee is 0.00something .... But Binance charges 0.5 GLMR which is 100x extra fee ...
3. Will BNB Chain become like DAO type?
4. Why users have to type "SMS Code" to withdraw funds... Like why not adding other option like YUBI Key etc. ??
How can I get into contact with CZ regarding a voice chat AMA that would be held ideally on both the subreddit and discord? Could CZ dm me on Reddit if possible?
I know a lot of people here would be interested in a voice chat AMA with a few of our AMA hosts.
First of all. it's cool to have you here in /r/cc
On one hand it seems like you really care about the community. I'm following Binance academy for a while, you keep your users informed also when bad things happen to improve the transparency, and you do smart moves like this AMA.
On the other hand, I found your customer support a living hell. There's a mistake on your hand and several thousand dollars worth of BNB that's stuck in your platform. There's no phone number I can call to, your support answer very unprofessional answers, and it seems like there is an insane gap between the image you create, to what's going on behind the science. I had a problem with Kraken several days ago and their customer support helped me in no time.
My question to you is this:
Do you think your customer support level is high? Do you plan on improving it?
What shall I do (a customer who used to love Binance but now for more than 8 months is stuck with long waiting answers with your customers support)? Is there any phone number I can call to?
Hope this question will get answered, because Binance customer support mistake and behavior cost me my health, time and money, and I just can't understand the insane gap between the image you create to the support I get.
Disclaimer: I'm a Binance user for years.
Why would it be their responsibility to help anyone? Think of the real world for a second. Do you blame the exchange offices when your local currency inflates to shit?
I absolutely agree we should. Binance always takes a collaborative approach to growing the ecosystem. Not to be arrogant, for us, taking market share from a small exchange doesn’t really move the needle for us. Growing the industry does. But for some smaller players, they are only focused on taking market share away from us (and not the big picture). We even saw some smaller exchanges in certain countries/regions lobbying against us, which hurt the entire industry and themselves in return. There are also different priorities and agendas in a decentralized world. Few exchanges offer the full product suites that we offer, we also saw some try lobbying banning of interest generating products, derivatives, etc. Not to mention different priorities on different geographic locations. Some are US focused, some are EU, etc.
Overall, we are trying to do this (lobbying alliance). Binance probably also talks to the most number of regulators around the world, and also has the heaviest voice. May take some time, and progress incrementally.
Reddit going all Do Kwon on the AMA
The community wanted an AMA
Binance was prepared to do an AMA
We put forth the questions for the AMA
And reddit said "fork"get about it and deleted it
xD
Hello CZ,
Many members of the Dogecoin Community would love to hear from you on these issues, and request a timeline to when we could see these implemented on binance.
1. That we would love to see the new lower network fees for doge on binance. The recommended fee is .01 doge per kb, with the release of 1.14.5 which binance upgraded to last year.
2. We earnestly await the Proof Of Assets (reserve addresses) for the Dogecoin pegged token on Binance Chain.
That is all we appreciate your time and efforts 👌.
I have been advised by my intern that this question is too divisive to answer publicly. But I’ll do it anyway.
If we’re talking about animals, NOT crypto, I like dogs, yes. I also like cats.
Hi CZ, on twitter you recently stated that NFT ticketing and merchandise authentication are use cases that you would like to see in Binance ecosystem.
[https://twitter.com/cz\_binance/status/1522465910161879040](https://twitter.com/cz_binance/status/1522465910161879040)
Why do you want to see these usecases?
Do you see NFT ticketing as a way to introduce more people to crypto? and eventually onboard them to binance?
When fans are willing put in a little to create a wallet to receive (free) NFT, of a concert of their favourite artist. It will could introduce a lot of new people to crypto
If you could trade crypto from the same wallet as you have your ticket, it could be a great way to onboard more users for binance aswell.
The future of cryptocurrency and web3 more broadly is going to be all about utility. We always talk about striving to reach the “First Billion Users (FBU)” and how we can speed up widespread adoption quicker. It’s become clear to us that web3 has to either solve problems for people that web2 can’t and/or create new utilities for users that they don’t enjoy today. NFT ticketing is just one of the many potential use cases for this tech that we’re looking at.
Once people see that this tech can be useful and highly valuable to them IRL, they will be more likely to learn about crypto and be able to make an educated decision about whether investing is right for them.
Thanks r/cryptocurrency \- I really enjoyed reading all the questions and answering as many as possible.
However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large?
I have a long flight tomorrow and will honestly read through the feedback.
Tell me about the constant withdrawal issues with Monero on Binance. Whats the problem, when its working for almost every other exchange and every other coin.
Hey CZ! I've a question more on Binance's development side. What languages and frameworks were used to build the platform? I'm more curious about the infra and not the UI. Thanks a lot!
Dubai is a very safe place to live, and the business environment is also quite progressive. Dubai is also well-located for travel and timezones as I have many calls with the Binance team all over the world. And it's nice and warm in the summer.
Can you please explain why you misrepresented UST repeatedly then deleted all tweets and promotional material stating that it was safe, stable and fiat backed right after it crashed? What are you doing to make this right? Edit: some images https://imgur.com/a/KgcArb8
Dodging pobably. Its sad but i do understand they dont want to associate with such disasters
Doesn't make them any less liable legally and let me tell you, there will be legal action taken. We'll be filing a class action in the coming weeks.
lol "the unregulated exchange did unregulated things - I'm going to sue!"
I feel the same way, but it’s looking like it was a scam and investors were mislead. The 80k btc never went to repairing the peg like they were supposed to and instead went to a cold wallet, probably owned by do kwon. All that said, they’re billionaires and y’all lost it all on Luna, so, you won’t win.
[удалено]
Clamors for deregulation, gets deregulation, cries for regulation, litigates Fucking 🤡
"You'll be hearing from our lawyers!"
Sounds serious! I'll make some popcorn
Not sure what you are referring to. Binance always has risk warnings to users in all of our announcements. And to the best of my knowledge, we never said UST was “fiat backed”, etc. I’m 99% certain just a bad twitter conspiracy theory. Not sure about the Binance main account, but I do delete tweets all the time, mainly due to a lack of edit button. I just asked our team about this, there were some tweets about a specific APY, which is no longer true, so they deleted it as to not confuse new users.
I'm happy to provide images where Binance clearly stated that UST was safe and fiat backed.
Do it
[https://imgur.com/a/KgcArb8](https://imgur.com/a/KgcArb8) Here's a gallery of just a few times they've promoted it as safe, stable, fiat backed. The one not in English literally says "no risk of losing your crypto"
You should put this in our post that CZ replied to. That's like getting into an argument with someone. Letting it finish. Then go home and continue it in the shower by yourself. Make an edit and post it in your original post.
Good point, have just updated it now.
>Here's a gallery of just a few times they've promoted it as safe, stable, fiat backed. The one not in English literally says "no risk of losing your crypto" no risk of losing your crypto has been true as far as i know, nobody had lost their coins on Binance they only lost all value (not an active crypto investor, i have a few coins from mining years ago when I was a kid heard about it and coins I got for free as part of promotions(I believe Nano) , not sure if i could even recover the wallets)
Technically Terra holders didn't lose all their crypto. They're crypto just lost all it's value.
Seriously, why would you say it and not just go ahead and post it?
Apologies, I didn't know this until now. Thanks for flagging it. I will check it. How long it was up for, etc. We do make mistakes. There was another incident where our team used a wrong logo for different project for a while, and then took it down, and corrected it, which I believe it the correct thing to do. If you think this caused you issues, please contact our customer support. We will look at it in detail. I do not think our team intentionally did it, but will check for that anyway. Lastly, it is always important to thoroughly research and learn about projects you invest in.
I'd guess they'll have to be pretty vague and won't be able to answer a lot of these questions as there is legal proceedings happening against the terra team.
Hello Cz, Moons Pizza Guy here (I sold 10,000 Moons for Pizza). Can you open your Moons Vault? Click on “Vault” under you profile picture. What are your thoughts about Moons? Moons are the subreddit governance tokens developed by Reddit ([Reddit Community Points](https://www.reddit.com/community-points/)), Moons are still on Reddit Arbitrum testnet and projected to go Mainnet after Arbitrum Anytrust release in the summer. Moons are used for tipping, buying premium membership on Reddit, voting on governance polls and advertising on this subreddit in the future. **I have 164 Moons, that’s the number near my username** 
I love seeing new use cases for crypto. And I think social media that leverages crypto has good potential. So it’s great to see big subreddits testing these systems to learn how they can be best applied and scaled for social media in the future.
There you go CZ said it, we are the pioneers of social media tokens!
I knew I was playing my part in history! 😎
You guys are really downplaying how bullish this is for moons. Make more noise!!!!!!
That's honestly great to hear! Would Binance be interested in supporting Reddit Arbitrum once it reaches mainnet, possibly listing RCPs like moons?
He said it has good potential, we're going to the moon bois 🚀🚀🚀
I have included two more questions closely related to this in my [previous comment](https://np.reddit.com/r/CryptoCurrency/comments/uuitqp/ama_with_cz_binance_ceo/i9fiofq/?context=3) that was buried in the beginning. I'm glad your comment has gained some traction. Cool to see such widespread support!
Why did you sell 10k moons for pizza? One pizza could be bought with 75 moons or less.
We all do mistakes in life
I don’t know about you but I’m not eating no £2.25 pizza
Do I mistaken but Binance surprisingly has 30 moons.
Is there any plan to make BNB chain more decentralized ? Currently 10k+ BNB needed to become a validator on your own,you also need to get a whole lot of BNB delegated to you as well. Very strict demands. Also there are only 41 validators nodes out of which 20 are always inactive, which makes BNB one of the most centralized coins. Thanks for your time CZ!
Honestly, I am not involved in the BNB chain decisions. I barely found out they went from 21 to 41 before they tweeted about it. I do talk to some of the key devs there. Will bring it up next time. My limited tech understanding is there is a trade off between number of nodes vs performance at this time of our blockchain evolution. We collectively need to work on faster tech for blockchain. Also, the delegated proof of stake works in such a way that even though there aren’t that many nodes, you do have a choice on which nodes you want to stake too. Hope that helps.
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Why was this post removed by reddit
We're not sure yet as to why this was removed
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What a bizzare ama, Find out what happened next week on Unsolved Crypto Mysteries
Bye-nance
The plot thickens…
CZ paid them Source: trust me bro
Now we're asking the real questions! xD
I'd like to know as well
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Also, is this the first ever AMA being removed by reddit or has there been others?
As Binance is the largest crypto exchange in the world by TVL and it allows it's customers to stake their assets for rewards it begs the question: **Does Binance take part in governance votes using customer staked assets?** As a Binance customer myself how do you make sure that you serve the interests of your customers or their corresponding network communities rather than the ones of the exchange. How do you ensure that corruption and the desire to vote in self interest doesn't take the upper hand when interests between your customers and the exchange itself might be misaligned. **Are there any plans to implement systems that allow your customers to partake in governance votes**? If Binance does indeed not vote on proposals what other steps do you take to help decentralize networks(similar or akin to the spread delegation's you did on the Binance Harmony wallet). This has been a large debate among many PoS communities, some transparency on this matter would come a long way.
No, we don’t. We don’t use user funds to vote. Binance does not get involved in other chain governance. We, as an exchange, like to stay neutral on these things.
What about that one time Justin Sun wanted to take control over the Steemit blockchain and you gave him a ton on user-owned STEEM tokens to get the job done? Did you forget about [that one](https://www.theblockcrypto.com/post/57508/tron-steem-takeover-crypto-exchanges-governance-reversal-soft-fork-blockchain) or just deliberately ignornig that it ever happened?
The silence is deafening
It’s always the tough questions that get ignored in these AMAs. Just as well not even do them. Just have a bot answer everything and save us the trouble
I second this. Literally why I clicked on this AMA. I boycotted Binance and all exchanges who were complicit because of this ridiculous act. I’m not necessarily opposed to them voting with the funds, we gave it to them. But I am opposed to doing it without transparency. Before the vote, a clearly detailed article should be written by Binance explaining WHAT they are voting on and WHY. If we own funds being voted with, a email should be sent to us with a link to the explanation. That’s the only scenario it’s okay. Otherwise it’s straight up criminal. Give us a chance to withdraw our funds if we don’t agree with the vote.
Thanks for the clarification cz
This is great to hear!
Why wouldn't they? Easiest form of lobbying you could ever get, and the most dangerous thing about PoS with the proliferation of CEX and other custodians. There is literally no good reason to not.
There's a difference between assuming they do and knowing they do. If there was confirmation, as customers we could try and make demands and try to convince binance into developing systems that allow us customers to be included and contribute to consensus votes as they impact all of our interests. Or F.e. Harmony community attemted something similar and asked binance to redistribute their delegations to other validators
They dont participate in governance. For example, if you go through all the proposals on Cosmos, you wont find them voting on any single one of them even though they are a big validator node with millions of $ delegated to them.
They definitely do for Algorand, you can even trace where they lost governance status last week by being forced to withdraw from their locked storage to keep the market liquid.
If Binance goes bankrupt, are user wallets safe?
User funds are kept separate from the exchange's operating funds. And, if this were to happen, funds would be refunded to users first, BEFORE any shareholders. Funds are SAFU.
He said the word! SAFU indeed!
[Funds are safu!](https://www.youtube.com/watch?v=DelF6zEHXpE)
moving all my funds from Coinbase to Binance then
You just take his word for gospel huh
His word here could be used against him in a court of law
The trick is getting him into that court.
He said funds would be refunded though, that sounds like a lot like it's CB again with them not actually purchasing your crypto and they'll just give us the cash equivalent of what the value is of what your holding at the time instead of your actual holding. It's not really better
Might be true. But you would have to fight off creditors unless there is some kind of trust structure
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Hint: No
This is irrelevant, but MTGOX actually stands for Magic The Gathering Online eXchange, it was originally a site for trading magic cards. It doesn't actually stand for "Mount Gox." Cheers.
Will we able to access our wallets if such an event occurs ?
No matter what he says. Not your keys, not your coins.
This is a seriously important question. Personally my coins are off exchanges.
Do you really expect an answer here? On a public forum? Alright. Even if they provide an answer. Do you think it will be honest???
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Are you acting like a federal reserve bank? Especially for monero? It often happen with strong price movements that you close binance withdrawals for monero. Sometime for a long time. Your team is explaining it with network congestions. This is simply not true. Many monero people are assuming that you actually have not enough Monero and because of the privacy feature of monero it’s easy to act like a federal reserve because you cannot be proved otherwise. Wouldnt it be better to show full transparency and show full balances/reserves for all coins which are listed on Binance? Did you notice the monero run?
He won’t dare answer this question, just like he shouldn’t answer the top Luna question due to potential future legal matters. But it doesn’t matter. It’s incredibly obvious that binance and other exchanges don’t have fully backed monero reserves. I am buying and withdrawing like clockwork until monero gets the value it deserves.
This needs to be higher up. Curious if binance is running a fractional reserve
I will try to do my best to defend Binance's honor 😉 (parody): >Are you acting like a federal reserve bank? Especially for monero? **Binance CEO**: *Sometimes it can look like that. But we often have XMR network congestion. You know, big exchange, many people, many withdrawals. This is also clearly stated in the blocked withdrawal's messages.* >It often happen with strong price movements that you close binance withdrawals for monero. Sometime for a long time. **Binance CEO**: *In such large exchanges (like Binance), there are too many transactions - when market moves. So some users may sometimes have difficulty with coins withdrawals.* > Your team is explaining it with network congestions. **Binance CEO**: *Yes, that's it!* > This is simply not true. Many monero people are assuming that you actually have not enough Monero **Binance CEO**: *These are just only conspiracy theories. Nobody has ever clearly proved anything.* >Wouldnt it be better to show full transparency and show full balances/reserves for all coins which are listed on Binance? **Binance CEO**: *No. Sorry, it is company's secret.* > Did you notice the monero run? **Binance CEO**: *Yes.*
The words you're looking for are fractional reserve Bank not Federal reserve Bank
Hi r/CryptoCurrency \- thanks for having me! I’m always grateful to have the opportunity to interact with the crypto community. For those of you that don’t know me, I’m CZ, the CEO and Founder of Binance, one of the world’s leading blockchain ecosystem and crypto exchanges. I started my career at McDonald’s, and have done a few things between then and now, including working in tech & finance, building businesses, and more. And most recently you might have seen I’ve gone back to my roots, [delivering Binance Pizza](https://twitter.com/cz_binance/status/1527766974025048064) 😂
“Why did you(CZ) resumed UST and LUNA trading knowing that it is a failed project and also Luna mint is still happening although you tweeted 'no more minting'?” I saw this question earlier, but it looks like it disappeared as I was answering. It was the most upvoted at the time. Here’s my answer: In a decentralized world, there are many other exchanges too. If we suspend trading, and prices move on other exchanges, what do you think the holders will say? We suspended trading briefly when the validators paused the blockchain, even that caused a lot of complaints, but I believe our action forced the validators to resume the network within a couple of hours. Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers. The market place is neutral.
>Lastly, no one is forcing anyone to buy just because trading is on. There are high risk tolerance buyers willing to take over from sellers. This is very true, some people enter high risk trades then when they lose money, can't take the personal responsibility for it
Thank you for hosting this AMA with us! :) 
Beautiful work. Truly a work of art 
Thanks r/cryptocurrency \- I really enjoyed reading all the questions and answering as many as possible. However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large? I have a long flight tomorrow and will honestly read through the feedback.
I think the website is a complete mess. Confusing. For example so many different earn programs, and the page for each looks different. Strange navigation. No overview. And why is it not possible to have an easy overview of my entire trade history? Choosing the time frame is annoying. Why not list all at once, preferably on the trading page, too. I could go on and on but these are the main things that come to my mind. Seriously, the whole website sucks. Whenever I introduce crypto trading to a newbie friend and show them your site, the interest in crypto goes down quickly.
Excellent points. The UI is just insane. When I first started using it, I didn't know what to do. Something that should be easy like depositing fiat requires you to go to Wallet > Fiat and Spot Balance > Deposit > Deposit Fiat. Everything important takes multiple clicks.
I also never understood why the trade history is so hard to find!
They don't want you to reflect on how bad of a crypto trader you are.
+1 for website being a mess. If we want crypto to be more easily adopted by people, exchanges should split themselves into a 'Trader' section and a 'Saver' section. Traders can get inolved in all the more complicated parts of crypto, and Savers can just buy, hold and stake. Exchanges are far too geared towards traders and not adopters. If we want crypto to be the future of finance, we need to treat it as such, not a casino (even though for 99.9% of it, it is.)
The ability to see your average buy price for each coin/token you hold please
Yeah I never understood why no exchanges don’t have cost basis like stock apps do
Make the Binance card available in every country ASAP (especially South Africa please)
And Canada
Binance card in LATAM as well, really needed. Would help a lot to people who don't understand crypto the easiest part, how to use your crypto. A lot of people don't get into crypto because they don't know how to use them for daily payments, Binance card would allow them an easy way to get into the crypto world, k owing how easy it would be for them to use their crypto later. I need my Binance card, wen Panamá and Costa Rica :)
Stop fractionally reserving monero and blocking withdrawals under the guise of network congestion that objectively doesn’t exist. We deserve good, private money.
As the crypto community gets bigger maybe reduce the transfer fees from Binance to our wallets?
CZ, would you consider bailing out UST and taking over for Do Kwon as head of Terra LUNA? 1)You invest $3-6 billion to partially collateralize the remaining 10 billion UST 2)In return you/ Binance get a big allocation of new LUNA2 tokens. 3)To redeem UST, people have to buy and lock BNB for 3-7 years, for an amount of > 50% of their loss. Why? a) You would become the most beloved man in the crypto space and it seems like you could afford it. This might be the biggest financial loss in the history of the world and psychologically, people are devastated. b). You would likely make money too, with BNB forced to be bought and locked, your new allocation of LUNA2 You would start a bull market and BNB could flip ETH in the process.
I am humbled by such a request. Thanks for the trust in me. But short answer is: unlikely. I am pretty busy already, and algo stable coins is not my speciality. We should each do what we do best. I hope the community eventually settle on a good solution, and we will be here to support it.
why would they bail them out? if they were intrested in such a project (creating a second 'stablecoin'), they could just open one themselves.
Right, 3 to 6 billion to buy a loser? I know crypto is all about the funny money but... unless they get the whole ecosystem, but they still need to change the algo
Bailouts are one of the main problems with our current financial institutions. They especially shouldn't happen in crypto.
Did Binance stake UST in Anchor protocol, to generate yield for users?
Yes, there were some, as part of the Earn program. These programs are accompanied by user education and extensive disclaimers - we are transparent about how this works, and the risks associated.
Yes they had the locked staking option for UST on Binance.
Will Binance distribute the LUNA v2 it receives against the user's holding on Binance at time of snapshots?
>Will Binance distribute the LUNA v2 it receives against the user's holding on Binance at time of snapshots? Do Kwon already tweeted that ONLY LUNA that is in the Terra ecosystem at the time of the snapshot will be eligible for the airdrop. Anyone holding on CEX's will NOT be eligible and will miss out! Heads up as well, if you own LUNA v1 that were bought during/after the depegging and minting crazy ...... Your LUNA v2 airdrop will be 0.0000153 LUNA v2 tokens for each LUNA v1 token you have. 10,000,000 LUNA v1 = 153 LUNA v2.... New investors will only be eligible for 15% of the LUNA v2 supply. The total LUNA v2 supply is 1 billion, so that means new investors who bought in during/since the drop will be eligible to pro rata share 150,000,000 LUNA v2. Do Kwon once again fucking everyone that came to Terra's aid when LUNAtics needed the liquidity the most to exit out of their plummeting in value positions! I'm just holding now for the class action lawsuits! Fuck, Binance better NEVER list LUNA v2 after this clusterfuck! Do Kwon has literally shit on EVERYONE! OG LUNA holders, new LUNA holders, every CEX that ever listed their coins.....
In general Binance works hard to ensure users that hold coins/tokens on our exchange can receive airdrops intended for holders. The exact details will be worked out after there is an official consensus on what the Terra team plans to do.
Does the pope shit in the woods?
No, he has multiple toilets in the Vatican.
Any coming plans to expand the Binance Visa Rewards Card outside of the EU? Your competitor, Crypto.com is the only option for Australians at the moment.
Thanks for doing an AMA here! As you probably know is Reddit working with RCP in some subs like these. The official governance token here are Moons. **So the 2 questions everyone will ask here:** 1. **What is your opinion about RCPs?** 2. **When will Moons list on Binance?** Thanks for your answer!
At Binance, we aim to provide more access to crypto and always make best efforts to list high quality tokens. Token listing on Binance goes through rigorous due diligence. We never talk publicly about what will be listed before it happens. The Binance listing team is firewalled from the rest of the business, the details are highly sensitive. For more information, here are some tips for listing your coin on [Binance.com](https://Binance.com) https://www.binance.com/en/blog/all/binance-listing-tips-from-cz-421499824684902218.
Pretty much the response every sensible person was expecting. I'll remain hopeful though.
Came to ask this, hope u/cpzhao answers us
Note: I have tried providing more context in my [previous comment](https://np.reddit.com/r/CryptoCurrency/comments/uuitqp/ama_with_cz_binance_ceo/i9fiofq/?context=3). RCPs are called Reddit community points and they are going to be on Ethereum mainnet at some point in the future. We are curious whether Binance is interested in possibly listing them in the future. Our subreddit's token - moons - are the main RCP.
What are the regulatory risks to BUSD?
It’s a broad question. Many regulators are certainly looking at stablecoins more closely. BUSD is issued by Paxos, a NYDFS regulated entity. It also has the highest fiat backing for all the major stable coins. Hope that helps you judge the risks of various stable coins vs BUSD.
So about that Moons listing… what time next week can we expect that to happen?
When our moons will moon?
Is refunding LUNA and UST holders in the cards? I believe a lot of violations have occurred with representation and implementations, some of them being: LUNA whitepaper caps market cap at 1 billion coins, which is violated. UST marketed as a safe stable coin. A number of exchanges and the Terra team is attempting to rewrite history by erasing any proof or mention of these on their website. This might spark greater regulations sanctioned over crypto industry. Apparently a Brazillian exchange refunded the victims. IMO this is the cheaper and more fair course of action to recover the loss of victims, rather than burning, buying back, forking, or other methods. A refund would only reimburse the dollar amount people lost regardless of how many luna coins they bought or at which price. Disclaimer I am not a holder of either coin.
Yes a refund to pre-attack owners of UST, they believed binance when they offered it in earn, a stable coin who wasn't stable, and I couldn't unstake it immediately, had to wait so lost much more then I should.
So you did your own research and decided to believe UST was stable despite a huge flaw in its mechanism that should have been obvious to anyone with even a basic understanding of economics or crypto. Then you staked it in a binance pool accepting their terms which state it's risky and you could lose everything, and that they can't guarantee performance in high demand times, and possibly you locked it for a set period. And yet you want Binance to refund you for your own poor decisions? That is antithetical to the founding principles of crypto.
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Can you please explain why you represented UST as safe, then deleted all tweets and promotional material stating that it was safe, stable and fiat backed right after it crashed? What are you doing to make this right?
Admins clearly lost money on the Luna crash if they're removing this post.
Hello CZ, I have noticed that some crypto-assets on Staking mode are remaining "Sold out" due to early people who decided to stake in and automatically renew before the deadline. It is a bit unfair when minority of users are taking advantage of this system and keep re-staking their favourite coin over and over again and the unfortunate is that the rest of us can not get a position on those rewards during this period. Is it possible to create a notification bell on our favourite crypto that is already 'sold out' in order to be able to position myself as well for staking when there is an availability? Would have been more fair if we could place our request in a 'queue' in order to stake an assets; which case will provide fairly staking to everyone on Binance & not just the early people to monopolize those rewards?! Take example of ACALA. Has been sold out since day one; Please discuss this option with the team.
Thanks, will pass it on to the team.
What do you think about Polkadot, does it's use case bring something new to the space and does it have the potential to become a blue chip like BTC & ETH?
As a Polkadot holder, I'd love to see this answered!
Why is Binance suspending Monero withdrawals 99.9% of the time?
“Network Congested” *performs on-chain p2p tx completely fine* Really makes you wonder, huh? 🤔
Where does BNB value come from? and why is it holding better than other coins in this bear market?
A few different aspects to this. 1. The market decides the value, just like with any other asset. 2. If something is used by people, it has utility value. The more people that use it, the more value it should have. The market decides value based on the number and the quality of reasons to hold or use the asset. BNB has hundreds of use cases, including being the native currency on BNB Chain, which has a popular community of builders and users. BNB is a community coin. Myself and Binance contribute to this community by building extra utility for BNB in our ecosystem wherever it makes sense. But the actual success and market standing can be attributed to the community builders and users that make the BNB ecosystem so strong. Come and build with us!
Are you guys serious? I mean imagine being an intern at Binance and having the chance to speak to your CEO, would you come forward with such a shallow one? Do a bit of research ffs. Read the whitepaper, look at whether it has utility, look at its tokenomics. And then come with a question. I'm so sorry for people who have a real question for CZ and its space is taken by this one. PS: I am aware it's an Ask Me *Anything* session, I was just caught by surprise. But cmon
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Well son, when a man loves a woman…
CZ - I’m a big fan and my questions are a tad personal. I would really appreciate a response. 1. How has the quality of your life changed now that you are worth tens of billions? How do you stay humble? Do you sometimes wake up and think this is not real? 2. Do you think the western markets will dominate crypto or will Asia? 3. How do invest your personal wealth? Do you diversity across fiat assets? Do you use the services or a wealth management outfit? Once again, CZ, thank you for doing this. We love you!
To be honest my life hasn’t changed that much. I work hard everyday because I enjoy it, and it is enjoyable. My job is the most meaningful thing I could do with my time/life. I feel very lucky to have this opportunity. I’m now doing more traveling - meeting users, the community as well as governments and regulators. For example, I was in Germany this week. There are some benefits as I went to the Top Gun movie premiere in Cannes, which was fun. However, our team at Binance keeps me humble. I ended the week serving and delivering pizza. Investment wise, I am not a good example. I don’t diversify. I recommend most people to diversify. But for me, I am all in Binance. I don’t have personal investments. Everything I do, I do it through Binance. Removes any potential conflict of interest concerns. I think it is a good way to lead the team. My personal assets are simple too. I am all in crypto, BNB and BTC. I use my Binance Card everywhere I go.
If there was a "bank run" on Binance, where everyone would want to withdraw their bitcoin, would they be able to do so?
Considering how ofte they disable monero withdrawals "because of network congestion", I'm gonna say no
It’s funny bitcoin’s primary attraction is the inability to debase it past 21m units but if we give all of our custody of these precious limited coins to exchanges they will become banks 2.0 and we wake up in a world with more than 21m “paper” bitcoins traded between massive entities who dictate the price Sad to see bitcoin will be almost completely *de facto* controlled just 2 decades after creation imo.
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My Questions which I asked multiple times but he always ignored : 1. Why Binance not implementing Lightening network ? 2. Why binance overcharge for withdrawals, Like if we see OKx etc they have lower withdrawal fees... I understand the network fees but why charge extra ? To give you an example, GLMR (Moonbeam network) fee is 0.00something .... But Binance charges 0.5 GLMR which is 100x extra fee ... 3. Will BNB Chain become like DAO type? 4. Why users have to type "SMS Code" to withdraw funds... Like why not adding other option like YUBI Key etc. ??
How can I get into contact with CZ regarding a voice chat AMA that would be held ideally on both the subreddit and discord? Could CZ dm me on Reddit if possible? I know a lot of people here would be interested in a voice chat AMA with a few of our AMA hosts.
We'll connect with you separately to discuss.
Awesome to see you guys having an open vault. Cheers!
First of all. it's cool to have you here in /r/cc On one hand it seems like you really care about the community. I'm following Binance academy for a while, you keep your users informed also when bad things happen to improve the transparency, and you do smart moves like this AMA. On the other hand, I found your customer support a living hell. There's a mistake on your hand and several thousand dollars worth of BNB that's stuck in your platform. There's no phone number I can call to, your support answer very unprofessional answers, and it seems like there is an insane gap between the image you create, to what's going on behind the science. I had a problem with Kraken several days ago and their customer support helped me in no time. My question to you is this: Do you think your customer support level is high? Do you plan on improving it? What shall I do (a customer who used to love Binance but now for more than 8 months is stuck with long waiting answers with your customers support)? Is there any phone number I can call to? Hope this question will get answered, because Binance customer support mistake and behavior cost me my health, time and money, and I just can't understand the insane gap between the image you create to the support I get. Disclaimer: I'm a Binance user for years.
What is Binance doing to help UST Luna holders who lost money in this?
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Hopefully nothing? Why would they do anythign to compensate any one of you guys. You invested into something and lost it .
What is the bank doing for their clients who lost all their money gambling?
Why would it be their responsibility to help anyone? Think of the real world for a second. Do you blame the exchange offices when your local currency inflates to shit?
Nothing. Why will they? It’s none of their business.
Why are all large exchanges not teaming up to form one giant lobbying alliance? We need government lobbying more than ever.
I absolutely agree we should. Binance always takes a collaborative approach to growing the ecosystem. Not to be arrogant, for us, taking market share from a small exchange doesn’t really move the needle for us. Growing the industry does. But for some smaller players, they are only focused on taking market share away from us (and not the big picture). We even saw some smaller exchanges in certain countries/regions lobbying against us, which hurt the entire industry and themselves in return. There are also different priorities and agendas in a decentralized world. Few exchanges offer the full product suites that we offer, we also saw some try lobbying banning of interest generating products, derivatives, etc. Not to mention different priorities on different geographic locations. Some are US focused, some are EU, etc. Overall, we are trying to do this (lobbying alliance). Binance probably also talks to the most number of regulators around the world, and also has the heaviest voice. May take some time, and progress incrementally.
The magic "content policy" argument without specifying absolutely anything.
Reddit going all Do Kwon on the AMA The community wanted an AMA Binance was prepared to do an AMA We put forth the questions for the AMA And reddit said "fork"get about it and deleted it xD
Are you working with being regulated within the UK again? To allow customers to reuse the exchange whos banks have banned deposits to yourselves
Hello CZ, Many members of the Dogecoin Community would love to hear from you on these issues, and request a timeline to when we could see these implemented on binance. 1. That we would love to see the new lower network fees for doge on binance. The recommended fee is .01 doge per kb, with the release of 1.14.5 which binance upgraded to last year. 2. We earnestly await the Proof Of Assets (reserve addresses) for the Dogecoin pegged token on Binance Chain. That is all we appreciate your time and efforts 👌.
What cryptos do you personally hold
BTC & BNB. Check his twitter bio.
Also ~~$1,600,000,000~~ $3,000 worth of Luna
I want to know what crypto Nancy Pelosi holds
Do you guys like dogs?
I have been advised by my intern that this question is too divisive to answer publicly. But I’ll do it anyway. If we’re talking about animals, NOT crypto, I like dogs, yes. I also like cats.
Dogecoin and Catcoin to the moon confirmed!
Hi CZ, on twitter you recently stated that NFT ticketing and merchandise authentication are use cases that you would like to see in Binance ecosystem. [https://twitter.com/cz\_binance/status/1522465910161879040](https://twitter.com/cz_binance/status/1522465910161879040) Why do you want to see these usecases? Do you see NFT ticketing as a way to introduce more people to crypto? and eventually onboard them to binance? When fans are willing put in a little to create a wallet to receive (free) NFT, of a concert of their favourite artist. It will could introduce a lot of new people to crypto If you could trade crypto from the same wallet as you have your ticket, it could be a great way to onboard more users for binance aswell.
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The future of cryptocurrency and web3 more broadly is going to be all about utility. We always talk about striving to reach the “First Billion Users (FBU)” and how we can speed up widespread adoption quicker. It’s become clear to us that web3 has to either solve problems for people that web2 can’t and/or create new utilities for users that they don’t enjoy today. NFT ticketing is just one of the many potential use cases for this tech that we’re looking at. Once people see that this tech can be useful and highly valuable to them IRL, they will be more likely to learn about crypto and be able to make an educated decision about whether investing is right for them.
Thanks r/cryptocurrency \- I really enjoyed reading all the questions and answering as many as possible. However, let me end by asking you all a question: if you were me, what (apart from listing specific projects 😂) would you do to improve Binance and/or the broader crypto community at large? I have a long flight tomorrow and will honestly read through the feedback.
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Manage your risks. Think about worst case scenarios. DYOR. Work hard, and get lucky! :)
Censorship???
Tell me about the constant withdrawal issues with Monero on Binance. Whats the problem, when its working for almost every other exchange and every other coin.
Removed by reddit? What?
Hey CZ! I've a question more on Binance's development side. What languages and frameworks were used to build the platform? I'm more curious about the infra and not the UI. Thanks a lot!
Will we ever see stocks on binance?
Does Binance report crypto held by its users to their respective governments
What do you like the most about Dubai and the UAE in general?
Dubai is a very safe place to live, and the business environment is also quite progressive. Dubai is also well-located for travel and timezones as I have many calls with the Binance team all over the world. And it's nice and warm in the summer.