The Binance founder reassured users that the company has what it takes to continue operating for years.
Following the launch of zero-fee Bitcoin (BTC) trading by Binance, Changpeng “CZ” Zhao, the founder and CEO of the world’s largest exchange by daily trade volume, said the company has the largest reserve in the nascent industry.
The founder of Binance noted that Binance is not in the habit of bragging about numbers like most crypto businesses do; however, the exchange has by far the largest reserve in the industry.”
Zhao made this known in response to a comment made by a Twitter user who goes by the username @dippudo.
Shortly after Binance announced the launch of its zero-fee Bitcoin trading for 13 spot pairs, @dippudo tweeted:
“CZ is it true, what you said on @BanklessHQ, that @binance can run for many years with the amount of reserves you have? How does zero-fees affect this?”
The CEO of Binance, who is believed to be the world’s richest man in the cryptocurrency industry, dismissed the likelihood that the exchange’s launch of zero-fee trading would affect its reserves.
“Yes, no worries. We don’t brag about numbers. But we have by far the largest reserve in the industry that we know of. This 0 fee is just a way we take care of our users during a tough market,” CZ said.
Yes, no worries. We don't brag about numbers. But we have by far the largest reserve in the industry that we know of.
This 0 fee is just a way we take care of our users during a tough market. ? https://t.co/8zztuMZyEf
— CZ ? Binance (@cz_binance) July 7, 2022
CZ Says Binance is Self-Sufficient
The founder of Binance recently stated that the cryptocurrency exchange is not in any competition with other trading platforms, as the crypto community would decide which trading firm is better.
He stated that Binance is self-sufficient and does not have any burden of loans, in what is considered an attack on rival exchange FTX.
“Binance does NOT have loans from others. Self-sufficient.”
Better or not is subjective. Will leave that to individual opinion.
Binance does NOT have loans from others. Self sufficient.
— CZ ? Binance (@cz_binance) July 7, 2022
Binance Launches Zero-Fee Trading for Bitcoin
Yesterday, Binance announced that it would be celebrating its fifth anniversary by introducing zero-fee trading for BTC spot pairs starting tomorrow.
The initiative will cover 13 BTC spot pairs such as “BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTC/USDP, and BTC/USDT.”
As reported by TheCryptoBasic, the United States arm of the exchange, Binance.US, initially rolled out zero-fee Bitcoin trading.
Binance Fostering Crypto Adoption in Africa
Despite having a good reserve that can sustain Binance for years, CZ and the company are not relenting in launching significant efforts that will drive crypto adoption.
CZ disclosed yesterday that he paid a visit to the president of Senegal, Macky Sall, in a move believed to be part of the exchange’s plans to foster widespread crypto adoption in Africa.
In Sénégal ?? , meeting HE Mr. President, Central Bank, and Binance Angels. pic.twitter.com/7Bmsd9MoLv
— CZ ? Binance (@cz_binance) July 6, 2022
The development came a day after he met with the President of Côte d’Ivoire (Ivory Coast), Alassane Ouattara.
His visits to these African countries are part of a wider push to foster the adoption of cryptocurrency and blockchain technologies in Africa, where a good number of the populace is underbanked.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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