Binance’s Changpeng Zhao talked about the lessons he learned from the downfall of the FTX token & FTX crypto exchange.
Changpeng Zhao is the founder & CEO of first ranked crypto exchange Binance. From 2021 to 2022 he grabbed huge popularity in the world because of his net worth among the top 10 richest people in the world. Zhao remains ready to push crypto adoption via educational programs & meetings in the offline & online world.
As all of us know very well, the crypto market faced a significant downfall because of the FTX exchange & its FTT token downfall.
On 9 November, Binance CEO Zhao took to Twitter to share two lessons that he learned from the recent incident that happened in the last two days in this innovative industry.
Zhao said that never use a self-created crypto token as collateral and secondly a crypto business or project should not borrow funds from others & don’t use all capital to run the business.
At the same time, Zhao confirmed that Binance exchange never used its own created “BNB coin” in the form of collateral, and also there is no debt on the company.
In the present time, almost all the coins are down by an average of 10%, except the ADA coin & BNB coin, thanks to the rumoured controversy of the Binance vs FTX fight.
The current price of the BNB coin is $316.2 and this price is 1.23% down over the last 24 hours’ global trade price. This is clearly showing that BNB coin is standing as a leading crypto asset in the crypto space, as a haven.
Read also: FTX token (FTT) plunges 75% within 24 hours despite Binance’s supports