Shortly after Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, shared his thoughts on bailout packages for banks, a parallel decision came from the United States.
Binance CEO CZ posted on his official social media account on March 12, for bankrupt banks that came to the agenda after the closure of Silicon Valley Bank (SVB). release of recovery packages shared his views. CZ, commercial institutions of possible recovery packages will lead to irresponsibility only by suggesting responsibility He argued that unauthorized users should be rescued.
Rescue actions to be undertaken by the state are also a dilemma Expressing that he will create not saved when a bank of the actors why this bank not saved He said he would question.
Also banks of bailout packages risk management about to make lazy The CEO, who argues that it will push maximum return for more irresponsible to make moves you will dare stated. CZ ensures that each recovery package is bigger to a rescue package that you will cause also highlighted.
The CEO used the following statements about the banks that were closed without any bailout package:
I’m just thinking out loud that maybe instead of bailing out failed banks, we should integrate and bail out customers and close banks? We also get some of the executive salaries back?
On the other hand, shortly after CZ shared US Department of the Treasury, US Federal Reserve (FED), and Federal Insurance Corporation (FDIC) recently filed for bankruptcy by a joint statement Silicon Valley Bank and declared bankruptcy shortly after CZ’s announcement. Signature Bank will not be saved only assets of depositors will be refunded reported.
CEO’s from his predictions The decision, which came shortly after, revealed on social media that CZ had previously reported on the matter. intelligence about taking speculation to arise led to CZ after a while share your lifted.