Technology

Binance CEO’s ‘curious’ thought to exclude Terra (LUNA) and UST By Investing.com


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By Laura Sanchez

Investing.com – Binance, the largest crypto exchange, has decided this Friday to exclude (LUNA) and .

Its CEO, Changpeng Zhao (CZ), has given this explanation on Twitter (NYSE:), while charging against Terra’s system and comparing it to .

Below, we translate their messages on Twitter:

1. At Binance we prioritize user protection. We made the decision to suspend trading of LUNA and UST. This is why.

2. An exponential number of new LUNAs were minted due to design flaws in the Terra protocol. Their validators have suspended their entire network, so it is not possible to make deposits or withdrawals to or from any exchange.

3. Some of our users, unaware of the large amounts of newly minted LUNA off the exchange, started buying LUNA again, not understanding that as soon as deposits are allowed, the price is likely to crash further. Due to these significant risks, we suspended trading.

4. While Binance always aims to be neutral, helpful, and protective of all users and industry peers, and we generally refrain from commenting on other projects, I will break that rule this time.

5. I am very disappointed in the way the Terra team handled (or did not handle) this UST/LUNA incident. We asked your team to restore the network, burn the extra minted LUNA, and recover UST. So far, we haven’t gotten any positive response, or much response.

6. (This is in stark contrast to Axie Infinity, where the team took responsibility, had a plan, and communicated with us proactively. And we helped.)

7. We know that there are different opinions in the community, we feel that suspending trading is the best way to protect our users at this time. We will continue to monitor the situation closely 24/7. All shares will be listed on binance.

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