Topic: CZ Binance warns users about using Binance Exchange (Read 175 times)

More like pot calling kettle black, he isn't pure after all. Binance has been accused of insider trading often without numbers and trust me, any organization that involves money that is not televised is most often than not into some shady stuff in the background, but will come out publicly to deny it that they don't do it but in fact, they do it. I know that even Sec has been a d!ck these days but they have also accused them of this behaviour and CZ now wants to tell the public how to be purified with the platform they choose to trade, he should redeem his exchange organization first.

People should know that when something is too real, they should avoid it especially when it has to do with money; High Apy or APR are most of the time scams and platforms that make promises on an empty pocket, they do that just to siphon money from the public and then go into hidden, so even if Binance and CZ are crooks, avoid high APY platforms because as soon as your money goes into their exchange, it is never coming back again.

As much as this information seems wrong or misleading, as much as we cannot verify its authenticity from an independent third party, no one knows how many employees are working in the Binance Exchange to believe that more than 1000+ employees have been fired, and we can suddenly wake up to discover that Binance has turned into FTX Nothing but we know nothing about them except CZ.

However, the advice remains true, even if it was not said by CZ, any platform that grants high APYs is questionable, as they may rely on hot money to manage their profits and attract investors, which means you may suddenly lose all your deposits.

If CZ really meant that advice, then the same also applies to Binance right now and people should be leaving the platform. But then again we shouldn't even be taking everything seriously. CZ was just trying to push his competitors down hoping it could end them when they were at their most difficult times.

CZ has this monopolistic tendency. He's this shrewd dirty businessman. When Coinbase, Kraken, Gemini, Huobi, Crypto.com, Bittrex, BitMEX, and other competitors of his laid off hundreds or even thousands of workers, he quickly took the opportunity to warn the public against using platforms that lay off workers. Binance didn't lay off a single staff at that time, so those others are risky platforms and traders should avoid them. Common sense tells us that CZ was simply telling people to leave their exchange and use Binance instead.

If i understand what you said is not true, you are making the atmosphere worse, it happened on 11/12/2022, it was self-inflicted, that case happened to CoinMamba, because he complained continuously on social media/Twitter and in the end CZ responded.

As far as I know the correct information like this.
Unlike what you said here about the warning tweet by CZ.

CZ had already said what happened here anyway.

As far as I know that's what actually happened, the CZ tweet that you mentioned was not true, what actually happened was as below.

if anyone tells you: take a good look at all the exchanges that exist, and be honest with yourself, what do you really see in all the exchanges that are in this cryptocurrency market? exchanges that do not have a telephone number, exchanges that do not have a physical office, but see that we are talking about exchanges that deal with a lot of money from customers, but do not have a physical office and telephone number to solve customer problems, and why is that Don't have a physical office? probably because they would have to deal with a lot of documents in the country where they had a physical office, also because it is easier not to have a company headquarters, because in case of a scam, they quickly disappear

here comes the question, binance has a non-anonymous owner, you and me and everyone knows who owns binance, so in case of a scam it would obviously be easily found, so using binance is less risky than using many other exchanges that are in this market, as you can see binance also does not have a company headquarters, and that is why I said that it is less risky, it does not mean that there is no risk, but when you compare exchange X that does not have a company headquarters and it has an anonymous owner Vs exchange Y that does not have a company headquarters but has an owner that is not anonymous, and a very well-known guy, so it is much better to use exchange Y, this is my opinion

Every entrepreneur uses whatever method of advertising and promotion will be in favor of their service; that's what I notice CZ is just doing. Over the years, the more it gains popularity and the more competitive the business becomes, the more it's forced to adopt things that he thinks might help the exchange gain more customers. From the beginning, he might have seen APY as a means of a platform attracting customers to defraud them, but right now he has discovered that there are ways he can also be rewarding its customers and at the same time gaining profit from the staked coins or tokens. Because they expect rewards, the exchange is also making some profits.


I almost had the same perception when I came across the topic for the first time.

You are the one that doesn’t understand the whole point of this topic. The title is misleading if you don’t read the context or doesn’t believe what’s happening behind Binance.


Lol, For sure CZ will not admit it since he never admit anything that will negative impact against Binance.CZ even deny the lawsuit from SEC until it was out in the public. He created his “4” symblo for preparation since he has a lot of potential lawsuit in the past that he keeps dodging.

in general, centralized exchanges are used to make "an exchange".
deposits - exchanges - withdrawals . stop.
if we all did only these operations, there would be very little room for scams and similar issues...of course due greedy people try to put order with lower/higher limits, use staking opportunities, copy trading more and more and more...
obviously anyone must understands that certain APYs are unrealistic and can hide "scam".
regarding layoffs I am unsure if it's a real trouble. companies can layoff staff for many many reasons and this not means "we have an economic issue"...

I'm trying to capture the relevance, high APY risk warning and laying off 1k+ employees.
The warning was issued after the post-collapse of FTX which was none other than a competitor. If assuming Binance is doing business practices with high APY as their own CEO warned, I think slashing expenses to the equivalent of 1k employees salary I don't think will be enough, however binance is a juggernaut in the exchange industry which you can imagine the number of users.

Are there high APYs in Binance? While, sometimes I use them but I don't trust any exchange to have my fund so, they're just being used as is by me.

What I have noticed with those APYs that they've is that it changes over time and I think it's all due to the demand, the more people goes into it, the lesser the APY becomes.

At the end of these discussions, never trust an exchange whether you're there for APY or trades and mostly, never ever use them as a cold storage.

Let's just pretend it's true, can you drop a link to that tweet? Maybe you read it wrong because what profit is there to make if you warn people about using your own business platform? Very misleading indeed.

Binance have yield plans too but their returns are doable for long term, they don't provide any high yield investment plans and CZ is probably warning people against the patronizing of such HYIP offers, they are dangerous and unsafe.

Binance exchange is fine for now but we don't know what the future might bring, do not leave your asset on any crypto exchanges, either popular or not, loss of assets can still happen.

Google it a bit

https://twitter.com/MilkRoadDaily/status/1663949189858902018?ref_src=twsrc%5Etfw

More or less the OP is pointing out that late last year CZ tweeted a warning / comment about exchanges that offered high APY and / or were laying off people.

And now Binance is laying off a lot of people and even trying to spin it a bit: https://www.binance.com/en/feed/post/803729

They call it irony or foreshadowing or cosmic justice. Whatever.

-Dave

I can't figure out the particular point you're deriving out from here, that CZ is warning users against his against on possible dangers or what? He cannot campaign against what will cause him loose users, even though he himself knows about the risk a centralized exchange like him has.

This discussion is not best fit here, move it to exchanges or maybe service discussion board.

Your information sounding misleading to me, to proper content to prove all your statements, neither are their reference/source link.
According to your title; you are saying the CEO of an exchange is warning it's users from using it's own exchange, where have you seen such happening?
And about the cutting down of it's 1000+ employees according to CZ's tweet they are all rumors are the media's are always looking for things to talk about them, they are not near that mentioned number
And this content has nothing to do with Bitcoin try moving it to somewhere else.

November 30th CZ Binance tweeted

beware of platforms that offer High APYs

and/or

have layoffs

if you don't do risk management now, don't blame others for the consequences later

fast forward to today and the headlines are about Binance laying off 1000+ employees.

So if we listen to the warning that CZ tweeted last year everybody should probably stop using Binance or get ready to blame nobody but yourself for not doing proper risk management.