The chief executive officer of the Binance exchange shared the internal story after delisting Terra’s native tokens UST & Luna.
Binance is the first ranked crypto exchange in this crypto industry, thanks to its quality crypto services. This exchange has its hand in almost every sector of the crypto industry, whether it is blockchain & crypto-related development works or education & awareness on crypto in the non-crypto world.
On 13 May, the Binance exchange delisted Terra’s native stablecoin UST & Luna coin completely. And also Exchange explained the reason for it perfectly.
Exchange stated:
“Binance has removed all LUNA and UST trading pairs on Binance Convert due to the recent volatility of the assets. We apologize for any inconvenience.”
However, on the same day, Exchange also announced that the exchange will resume the trading of Luna & UST coins soon.
Changpeng Zhao, CEO of Binance exchange also responded on this matter and noted that Terra validators suspended the entire network and in that situation, it was not possible to withdraw or deposit Terra’s native coins from/to any exchange.
Zhao also noted that few people are still unaware of the huge numbers of token mints in the network, which was further a new risks for the Luna coin investors.
3. Some of our users, unaware of the large amounts of newly minted LUNA outside the exchange, started to buy LUNA again, without understanding that as soon as deposits are allowed, the price will likely crash further. Due to these significant risks, we suspended trading.
— CZ
Binance (@cz_binance) May 13, 2022
Binance (@cz_binance)
Binance CEO also said that he doesn’t comment negatively on any project but this time he needs to break his law. So indirectly Zhao tried to say that the team made a significant mistake.
Zhao also revealed that he requested the team to restore the network but it was disappointing that the team didn’t done its job perfectly.
” I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all.”
On the matter of the Axie Infinity exploit case, Zhao said that the team of Axie Infinity was following the plan and also worked with Binance exchange to handle the situation. But here Terraform Labs didn’t worked with use according to need of the situation to ensure the safety of the investors.
In the last tweet, Binance’s CEO said that few people may criticize the decision of Binance on its delisting the coin from the exchange but it was a decision that was needed to be taken in favor of customers.
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Binance CEO revealed huge numbers of Luna coin minting outside the exchange
https://bitcoinik.com/binance-ceo-revealed-huge-numbers-of-luna-coin-minting-outside-the-exchange/feed/
https://bitcoinik.com/binance-ceo-revealed-huge-numbers-of-luna-coin-minting-outside-the-exchange/feed/
