Changpeng “CZ” Zhao, CEO of Binance, sharply cautioned novice and cash-strapped investors against trading cryptocurrencies. The CEO urged traders to do so especially in the face of the ongoing market volatility and unpredictability.
The FTX problem has had a detrimental impact on the entire sector. Furthermore, several centralized exchanges have had to temporarily suspend withdrawals. This contributed to the increase in market volatility. “We don’t have loans. We don’t have debt. We don’t owe anybody any money. We also did not give loans out of the platform. So we never take user assets and give it to a third party to manage and try to make yields.”
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