Binance boss Changpeng Zhao advises people to diversify their investments. He admitted that he is not a good example investment-wise as he is all in crypto, BNB, and BTC. CZ, as he is most commonly known, revealed that he uses his Binance Card everywhere he goes.
Zhao established Binance in 2017 after having worked at the Tokyo Stock Exchange and at Bloomberg Tradebook. He now holds a total of 30% stake, as per Forbes, in the company. Moreover, CZ is ranked as the 19th richest person in the world. He has a net worth of $17.4 billion.
The Binance CEO took to Reddit to discuss a variety of topics. A user asked about Binance resuming the trading of LUNA. CZ explained that the platform had stopped because of the network being halted by the validators. He said Binance’s trading had pressurized the validators to resume. CZ highlighted that Binance had briefly suspended trading when validators paused the blockchain. But it caused a lot of complaints. CZ believes Binance’s action forced the validators to resume the network within a couple of hours. He also pointed out the overarching lack of bias in markets. No one is forcing anyone to purchase. CZ said high-risk tolerance buyers are willing to take over from the sellers. He described the marketplace as neutral.
In regards to the centralized nature of the Binance Chain, CZ said the low validator count helps in achieving faster transactions. But he is not involved in such decisions and would bring it up with the chain’s core developers. The CEO says there is a trade-off between a number of nodes vs performance in Binance’s blockchain evolution.
Zhao said the user funds are never mixed with the company’s operational funds. And in an event of bankruptcy, he shared that the funds would be refunded to users before the shareholders.