Binance releases 6 pledges for central exchange. One of the six promises of Binance is an important way for user money. Using client assets as collateral is a huge mistake by FTX. The second rule is that an exchange should not use its own symbol as a contract. Since tokens are essential for the functioning of the ecosystem of the blockchain exchange, they should not be used in any other context. The reason for the FTX crash is uncertainty about the FTT signal.
Binance’s third promise is to publish proof of assets or “proof of deposit”. According to a company announcement, “the proof of the Merkle plant that we will share with the community in the coming weeks” is currently working. . Apparently, Binance revealed its cryptocurrency reserve on Nov. 10, with a disproportionate number of its native stablecoin BUSD and native token BNB.
As a fourth commitment, maintaining a strong database is also important for user safety. Supporting SAFU’s $1 billion investment, CZ’s transformation is at the forefront of this industry.
Don’t go into debt is Binance rule number five. Due to selling highly leveraged products and volatile assets to inexperienced business customers, many crypto lending companies have failed this year.
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Finally, CZ concluded that the implementation of security measures is crucial for transparency. He said “all exchanges should have strong KYC and AML procedures in place.”
Binance offers a recovery fee
In addition, CZ is also creating a recovery fund with industry partners, because it will help good businesses that “have been unfairly affected by the FTX scam.” It should be noted that Binance has also been involved in the SBF FTX saga. However, within 48 hours of signing the contract to receive the exchange, Binance agreed.
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