Changpeng Zhao (CZ), CEO of Binance, one of the leading cryptocurrency exchanges, has fired some exchange employees for suggesting to trade against their users during the LUNA and UST drop.
Binance CEO said I don’t want a “pyrus victory” and fired
In the latest AMA session of Binance CEO Changpeng Zhao, the CEO said that some of Binance employees Terra ( LUNA) and Terra USD (UST) announced that during the collapse, they offered to trade against their users and make a huge profit. CZ also told Reddit users what happened to these employees later on.
CZ said it would be a ‘pyrus victory’ to chase the profits they could have made by betting against their users, knowing what was really going on with the LUNA and UST. A Pyrrhic victory, a victory where the winner also loses. Binance CEO explained that beyond the code of ethics, this would be an unwise decision for Binance as a commercial entity. CZ said anyone suggesting this was immediately fired.
CZ also explained why Binance allows trading LUNA and UST
CZ in session, Binance picture He also answered one of the most popular questions about the security of UST, which he promoted on his website and social media accounts. CZ pointed out to users that this was an ‘incident’ and that sometimes his employees made mistakes. Here the team used the wrong logo for the project, which caused confusion. He then added that users should do their own research before investing in cryptocurrency-related projects and technologies.
After the dramatic crash, which you followed closely in the news of Cryptokoin.com , some cryptocurrency exchanges also-listed these two altcoins and stopped trading. However, even though Binance stopped it at first, it gave the opportunity to trade again. Regarding the question of continuing the UST and LUNA trading, CZ told users that the exchange works in the best interest of its users and cannot stop trading while other exchanges allow transactions with both assets. He then added that drop trades should not encourage users to buy or sell their assets. “The market environment is neutral,” Changpeng Zhao added.
