Changpeng Zhao, CEO of crypto exchange Binance, has said that as one of the leading players in the industry, Binance has a “duty” to protect users and help the rest of the industry survive. However, there are “bad projects” that should not be saved.
He has written:
“As you know, the current market conditions are challenging. Because we are one of the largest players in the industry with healthy cash reserves, we have a duty to protect users. We also have an obligation to help the players in the industry survive and thrive. This is true even if there is no direct benefit for us and we face negative ROI.”
On June 19, a similar opinion was expressed by the head of FTX, Sam Bankman-Fried, who said that his company “must intervene, even at a loss” to stop the “infection” of the industry.
Zhao has noted that some companies and products are poorly designed, poorly managed and misused. According to him, these projects will be replaced by more successful ones, and therefore there is no need to save them.