Important information: The price drop to 1011 is not due to a system failure at Binance; the platform has done everything possible to compensate for the losses.
Early in the morning on January 31, the founder of Binance, @CZ , held an English-language online Q&A on Binance Square to address recent rumors (FUD - Fear, Uncertainty, and Doubt) from the community about Binance. Below is a record of the main statements made by CZ from BlockBeats:
"Trump's tax announcement caused a market decline on October 11. This decline was not due to any issues with the Binance system or any actions taken by Binance. Binance does not engage in trading activities that profit from buying and selling crypto, and therefore does not liquidate assets to intentionally suppress prices. The so-called 'Bitcoin sell-off' would involve risks of hundreds of billions of dollars, and no organization in the world has the capability to do that. Binance is currently regulated and has no basis to engage in any illegal activities."
Forbes magazine claims his net worth is $92 billion, but that does not mean he actually has that much cash. He has not sold company stock or liquidated cryptocurrency for crypto funds. Personally, I believe fiat money is an asset that will depreciate in the long term, and I prefer to hold $BTC , $BNB , etc. over.
Some people complain that system failures could be the cause of the system crash. However, there is no technology in the world that can guarantee it will never encounter a failure. No website or trading platform can guarantee 100% uptime all the time. The terms of use state that such situations may occur, and the platform is not responsible. Binance has done very well in compensating for any losses incurred.
The launch of a token on Binance does not mean that users are obligated to buy it. Good projects will attract more buying, while poor-quality projects will have fewer buyers. Binance provides access to tokens but is not responsible for the token's performance. Just as not every stock on Nasdaq performs well, not every stock on any trading platform is guaranteed. The platform only provides access; the research and selection process remains the user's responsibility.
Recently, there have been cases of "paid shills" intentionally spreading FUD (Fear, Uncertainty, and Doubt), and some users who did not lose money in the 1011 incident are hoping to pressure Binance for compensation. However, these voices remain in the minority; the vast majority of users are rational, and Binance has done very well in customer care, even exceeding what is necessary. The FUD spread by these "paid shills" only draws more attention to Binance, and ultimately the platform will benefit after the storm settles.
