11-17-2022 icon

Binance’s Zhao encourages traders to hold more crypto despite market uncertainty

By Lucy Adegbe
Binance debit card

Global leading crypto exchange Binance chair Changpeng “CZ” Zhao has endorsed the idea that novice digital currency traders pass on trading activities during this ongoing market instability and uncertainty.

On his Monday “Ask Me Anything Twitter Space,” the CEO advised investors that are quite ignorant of certain aspects of the crypto space to halt their participation until the current turmoil fades instead of risking their monies needed for short-term use.

However, for people who have funds to spare in the long term, it is important to acknowledge the risk and necessary experience required before investing in t the market, Zhao added.

The intensity of instability in the market follows the recent FTX crash and its adverse impact on the digital space. Diverse centralized digital currency trading platforms have had to push for a momentary pause in outgoing payment transactions. 

Zhao clarified that Binance has not encountered such issues, highlighting the company’s ability to be debt free and transparent with customer’s assets as a rationale to earn continuous users’ confidence.

Zhao noted that its company has no financial debt to settle, nor has it given out its customer’s digital properties to a third-party for management or profits.

The platform’s chair also underlined that while Binance is centralized, its associates comprise both decentralized and centralized exchanges. 

“We are technology agnostic. Were not trying to centralize everything. We are not trying to bring everybody to the centralized exchange. If you are good enough using a decentralized exchange, go for it”

This statement follows recent reports of many industry participants transferring their funds into non-custodial wallets.