Can Binance Save Cryptocurrencies? The CEO is thinking about it

It’s a chicken and egg problem, right? When a coin gets a large number of followers, exchanges must list it.

I checked Binance’s listing requirements. It’s about the number of users, but it’s also about the quality of the team and the business model in general. So your checks on those things found out anything about the project? Because the project has been criticized by many, even on podcasts like Bankless, which is usually pro-crypto in every possible way, many people have argued that “earth-moon can’t work”.

I know we went through all the checks, we did the autopsy. We’ve done all the checks. I believe our team has made all the appropriate checks. But for any project, there is always someone saying bad things about the projects, especially the popular project.

In this case they were right, weren’t they?

For all the failed projects, all the other guys who criticize those projects would be right.

Back to earth-moon: how do background checks work for the coins required to be listed on Binance right now?

So we use industry standard background checks. We will look at the profiles; we ask them for background checks via a background check service.

Will you increase it in any way?

We can always improve. But again, I don’t think we can guarantee that there will be no problems in the future. For example, no regulator can guarantee that there are no failed products or projects or companies on the Nasdaq. So it’s not a black and white problem to be solved. Right. But can we learn lessons? Absolutely. What are we doing specifically? Yes, we are doing more analysis, especially when it comes to lending liquidity. But do we have a perfect solution to avoid it? I do not believe. Whenever you have innovation, you should allow failures.

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With Terra, my problem is that simply reading how it worked, the model seemed impractical to me.

You should have written it, right? You made a mistake there.

But I haven’t listed it in my exchange.

But you didn’t protect your readers. We all share the same responsibility.

Let’s change the subject. Binance is doing well right now, right? Other exchanges are tightening their belts, but you’re hiring people rather than firing them.

Yes. We didn’t spend a lot of money during the bull market. We’ve been around a bear market – this is at least the second cycle for Binance. We know that the price of bitcoin can drop by 80-90 percent. So I’ve always told our team that we need to keep 10 years of cash reserves. This is how we operate. We also continue to grow. And we are also very confident that the industry is still growing, that the number of users is still coming. And in another two or three years, the price could reach value again. But we want to be ready for users who come in and want to use our products.

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