The CEO of the world’s largest crypto exchange Binance, CZ, stated that he was disappointed by making statements on his Twitter account about the LUNA crisis.
After the price of LUNA was reset and removed from some exchanges, especially Binance, during Terra’s effort to equalize the stablecoin UST to $1, the CEO of the platform Here’s the statement from CZ. In his Twitter posts about the process, CZ said:
“At Binance, we care about protecting our users, which is why we have suspended LUNA transactions.” he began his explanation.
Stating that a large amount of LUNA was printed due to the flaws of the Terra protocol, CZ said that the platform’s network stopped later. Due to the users who are unaware of the newly minted LUNA’s other than the LUNA available on the exchanges, and who are not aware that the price will drop even more. stated that they have suspended the proceedings.
Saying that Binance has always been a platform that embraces the industry, tends to be helpful, and tries to move forward in an impartial manner, CZ will make an exception this time. He said he would act out of the approach.
Stating that he was extremely disappointed with the way the Terra team handled (not able to) handle the UST and LUNA crisis, CZ said that they contacted their team and restarted the network and reprinted the extra print. They demanded that they also burn the UST. but he stated that they did not receive a return.
Saying that they are trying to help and they know that there are different opinions in the community, the CEO explained the process. that they follow closely 24/7 and the best way to protect its userssuspend business transactions He ended his speech by saying that He stated that all actions to be taken will be announced on Binance’s official Twitter account.