Changpeng Zhao (CZ), CEO of Binance, the richest person in the crypto industry, assured investors that if the trading platform encounters a Terra-like event, users will get their money back before shareholders.
At the Ask Me Anything (AMA) session held on May 21, CZ discussed a range of topics, including Binance’s decision to resume trading Terra (Luna) despite the collapse of the project. including how Binance manages user funds and the future of Binance Chain.
CZ stated that user funds will not be merged with Binance funds, he then assured investors that in the event of bankruptcy or any similar event, “The funds will be returned to the user before any shareholder.”
Regarding the centralized nature of the Binance Chain, CZ states that a smaller number of validators allows the network to transact faster.
During the AMA, the Binance CEO also shared his crypto investing advice that he doesn’t have to follow: “In terms of smart investments, I may not be a good example I don’t have diversification. But I advise most people to diversify, but for me, I am all in Binance.”
he added that “It’s all in crypto , BNB and BTC and I use my Binance Card wherever I go.”
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