Leading crypto exchange Binance CEO Changpeng “CZ” Zhao asked his over 4 million followers for recommendations for listing coins. Via his Twitter account, CZ dropped the question “What to list?”, unleashing thousands of replies from crypto enthusiasts.
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Top recommendations included a variation from Dogecoin (DOGE) inspired coins, such as Dogelon Mars, BabyDoge, Floki Inu, and others. These meme coins have gained a lot of popularity in recent months as the original Shiba Inu cryptocurrency experienced a massive rally from below $0.1 to an all-time high near $0.7.
The Binance and Coinbase effect, two bullish events that usually drive price rallies for listed coins, are a well-known phenomenon in the crypto space. Thus, users are aware that any project listed could enjoy a short period of price appreciation.
AUDIO, Avalanche (AVAX), Ethereum Name Service (ENS), Keep3r, and other recently listed coins on Binance have seen at least a 10% increase in their price immediately after getting listed on the platform. As of the most important crypto trading exchanges in the world, a listed token or cryptocurrency benefits from a period of great adoption.
Binance Under The Spotlight
Binance has come under a lot of attention from international regulators. Several government officials across the globe were allegedly concerned about the exchange’s derivatives products.
This allowed users to trade cryptocurrencies with up to 125x leverage to maximize (or lose) their funds in the short term. However, the company made some changes to its derivatives products by limiting users’ access to only 20x leverage.
In that sense, Binance CEO, speaking at Bloomberg’s New Economy Forum, claimed that he doesn’t “believe in maximizing profits in the short term”. The company is focused on providing its users with a long-term strategy that panel participants compared to that of Amazon in its early days.
The CEO of Binance, the world's biggest crypto exchange, says he doesn't believe in maximizing profits in the short term.
— Bloomberg New Economy (@BBGNewEconomy) November 19, 2021
Data provided by CZ during the event puts Binance’s revenues in the billions, but as the executive clarified they keep their profits in cryptocurrencies. Therefore, he was unable to reveal a specific number on this metric, but claimed: “it’s in the billions now”.
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CZ claimed the following when he was asked if he ranks amongst the wealthiest people in the world due to its crypto businesses:
I don’t really care about wealth, money, and also rankings, etc. I committed to donate 99% of my wealth away before I live this world. I think any time people pay attention to that, they lose focus. We just want to build tools for people to access crypto.
As of press time, Binance Coin (BNB) trades at $505 with a 4% loss in the daily chart.