Binance CEO says bailouts for bad projects ‘don’t make sense’

2022-6-24 19:30

Binance CEO Changpeng ‘CZ’ Zhao said bad projects should be allowed to fail and Binance has no intention of offering “bailouts” to such projects.

In the blog post titled “A Note on Bailouts and Crypto Leverage,” CZ said that Binance has to help “industry players survive and hopefully thrive” even if the company does not gain anything from such help.

CZ categorizes bailouts

He continued that there are different types of bailouts. He believes some projects or companies are bad, which is visible in their poor design, management, and operations.

Such projects do not deserve to be saved regardless of the number of users they might have. According to CZ:

Bailouts here don’t make sense. Don’t perpetuate bad companies. Let them fail. Let other better projects take their place.

The second category comprises projects with fixable problems. These projects made mistakes, like spending too much or saving too little.

CZ said companies with these good qualities and fixable problems should be bailed out and “made to fix the problems that led them to this situation in the first place.”

In the third category, projects with great potential but have struggled to survive because of limited budgets should be classified as great investment assets. CZ added that the Binance deals team has been in talks with these kinds of projects lately.

Talks about bailouts on the up

CZ shared his view just a few days after SEC commissioner Hester Peirce said she doesn’t support bailouts for crypto companies. According to Peirce, the market crash is a chance for bad projects to collapse.

Meanwhile, FTX and Alameda Research CEO Sam Bankman-Fried recently said his companies might step in to prevent contagion in the industry.

Alameda Research has issued a loan of $200 million USDC and a revolving line of credit of 15,000 BTC to the crypto brokerage firm Voyager Digital.

Additionally, FTX has also offered a $250 million loan facility to BlockFi.

The post Binance CEO says bailouts for bad projects ‘don’t make sense’ appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 230.76 (-100%)

projects binance bad bailouts ceo sense make

Источник: cryptoslate.com

projects binance → Результатов: 126


Binance Chain Launch Sees Developers and Entrepreneurs Reconsidering Ethereum

Last week, Binance announced the launch of Binance Chain, its native Blockchain platform that will facilitate the issuing, exchanging, and usage of digital assets. Apart from the fact that Binance Chain opens a new world of possibilities for cryptocurrency projects, the BEPs protocol on Binance Chain also shows some significant difference Ethereum’s ERC-20 protocol that currently dominates the crypto space.

2019-4-29 01:00


Фото:

As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To

You wouldn’t know to look at it, but Binance DEX could soon become the busiest exchange in the cryptosphere. At present, MITH is the only token tradable on there, though it will soon be joined by NOW – the first token to be added to Binance Chain – plus hundreds more if exchange boss CZ […] The post As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To appeared first on Bitcoin News.

2019-4-29 00:00


Binance CFO Has Choice Words for Facebook’s Mark Zuckerberg About Closed Blockchain Ecosystems

Binance CFO Attacks Facebook Creator Mark Zuckerberg For Creating Closed Blockchain Ecosystem Wei Zhou, the CEO of Binance, the largest exchange in the world, has recently called Mark Zuckerberg a megalomaniac who is creating blockchain and crypto projects in order to squeeze crypto-based companies out of their current dominance in order to take over the […]

2019-4-27 22:57


Фото:

Binance Chain Is Where Shitcoins Go To “Pump And Dump” One Last Time Before They Die

The Binance Chain could become home to shitcoins looking to pump and dump one last time before they die. The IEO token sale process is creating a similar mania to ICOs and people are buying into hype rather than projects and their final products The post Binance Chain Is Where Shitcoins Go To “Pump And Dump” One Last Time Before They Die appeared first on Ethereum World News.

2019-4-23 16:45


Фото:

Binance CEO Says Ethereum ‘Can Do Much More’ Than Binance Coin

The CEO of one of the world’s largest cryptocurrency exchanges delivered an unexpected compliment to his rival this week – but markets appeared unwilling to follow. CZ Denies BNB Will ‘Devastate’ ETH In a series of tweets April 22, Binance’s Changpeng Zhao (also known as CZ) called for tolerance of the various blockchain projects within the cryptocurrency industry.

2019-4-23 12:30


Фото:

Binance and Huobi to Speak at Blockchain Life 2019 in Singapore

On April 23 to 24, 2019 Binance and Huobi speak at Blockchain Life 2019 in Singapore. The global forum Blockchain Life 2019 brings together more than 3,000 participants from 70+ countries. Founders of top blockchain and crypto companies, investors, developers, crypto traders, CEOs of projects, entrepreneurs and businesspeople are coming to Blockchain Life 2019 onRead MoreRead More.

2019-4-16 18:00


Volume manipulation: BAT, Ravencoin, Binance Coin and Enjin among the most honest projects

Two of the most defining traits of current crypto market is its volatility and manipulability. One of the most skewed and distorted metrics is trading volume on exchanges. There are vested interests of both the exchange and crypto project to wash trade and artificially inflate the trading numbers and project a picture of a legit […] The post Volume manipulation: BAT, Ravencoin, Binance Coin and Enjin among the most honest projects appeared first on CaptainAltcoin.

2019-4-15 19:26


Binance Venture Arm Grants First Fellowship Round To 3 Blockchain Open Source Projects

Binance Labs, the venture arm of cryptocurrency exchange Binance, has granted US$15,000 to each of its first three open source Fellowship projects: Ironbelly, HOPR, and Kitsune Wallet. The three projects will join the Binance Labs Fellowship program, an initiative launched in March to support talented developers and researchers in creating free and open source blockchain […] The post Binance Venture Arm Grants First Fellowship Round To 3 Blockchain Open Source Projects appeared first on Coinjournal.

2019-4-13 00:44


Binance Labs Awards $15,000 Each To Ironbelly, HOPR And Kitsune Wallet Crypto Projects

Investment Arm Of Binance Awards Grants To Three Startups Working On Open-Source Blockchain Tech Binance created the Binance Labs investment arm as a way for the company to invest in other projects. According to recent reports from CoinDesk, Binance Labs has found three startups working on open-source blockchain technologies – Ironbelly, HOPR, and Kitsune Wallet. […]

2019-4-12 21:31


Op-Ed: Is Coinbase Losing Ground To Binance?

If you were around during the peak of the crypto bull market in late 2017 you’ll remember that there were many projects/exchanges with more funds raised than you can imagine. But since then, a very well needed market correction created the beginning of a bear market, which forced many projects to cut down on staff […] The post Op-Ed: Is Coinbase Losing Ground To Binance? appeared first on ZyCrypto.

2019-3-27 00:43


Биткоин-биржа KuCoin запустит аналог Binance Launchpad

Торговая площадка KuCoin анонсировала запуск платформы для первичных биржевых предложений (IEO) под названием Spotlight. Introducing KuCoin Spotlight KuCoin has been persistent in its pursuit of finding and supporting blockchain projects with real potential.

2019-3-21 09:59


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Legal experts weigh-in on case again Roger Ver

Stanislav Andreyev, a senior lawyer with SBSB Fintech Lawyers, and Bing Wang, a legal advisor at basedVC, spoke to crypto. news about how Roger Ver’s case might shape the regulatory landscape for cryptocurrencies.

Legal experts weigh-in on case against Roger Ver

Stanislav Andreyev, a senior lawyer with SBSB Fintech Lawyers, and Bing Wang, a legal advisor at basedVC, spoke to crypto. news about how Roger Ver’s case might shape the regulatory landscape for cryptocurrencies.