It’s a chicken and egg problem, isn’t it? When a coin gets a large number of followers, exchanges need to list them.
I checked Binance’s listing requirements. It’s about the number of users, but also about the quality of the team and the business model in general. So, did your investigation of these things reveal anything about the project? Because the project was criticized by many – even on podcasts like Bankless, which is usually crypto-pro-crypto in every possible way – many said that “Terra-Luna doesn’t work.” can do.”
I know we did all the tests – we did the autopsy. We did the whole investigation. I believe our team has done all the due diligence. But for every project there is always someone who says bad things about the project, especially the popular project.
In this case they were right, right?
With all failed projects, everyone else who criticizes these projects is right.
Back to Terra-Luna: how does the background check for coins to be listed on Binance work at the moment?
For this reason, we use industry standard background checks. We will see the profile; We ask them to complete a background check through a background checking service.
will you increase it somehow
We can always improve. But again, I don’t think we can guarantee there won’t be any problems in the future. Therefore, no regulatory authority can guarantee that there will be no failed products or projects or companies on Nasdaq. So there is no black and white problem to solve. Right. But can we learn a lesson? Absolutely. What are we doing specifically? Yes, we do further analysis, especially when it comes to raising liquidity. But do we have a sure way to avoid this? I do not think so. Whenever you innovate, you have to allow for mistakes.
My problem with the Terra is that the model – just reading how it works – seemed useless to me.
You should have written about that, right? You made a mistake there.
But I didn’t list it on my purse.
But you didn’t protect your readers. We all have the same responsibility.
let’s change the subject. Binance is doing fine right now, isn’t it? Other exchanges are upgrading, but you hire people instead of firing them.
Yes. We didn’t spend a lot of money during the bull market. We have seen a bear market – this is at least the second cycle for Binance. We know that the price of bitcoin can fall by 80-90 percent. That’s why I always told my team that we have to have a liquidity reserve of 10 years. This is how we work. At the same time, we continue to grow. And we are also very confident that the industry will continue to grow, the number of users is still to come. And in the next two or three years the price can reach the price again. But we want to be ready for users who want to use our products.