Binance CEO Changpeng Zhao Reply to User’s Complaints Over Delisting of LTs

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Binance has given the LT holders three way outs, as stated in their tweet. The options are either to trade out the existing positions, either to withdraw or to hold on and the equivalent value of the holdings will be credited to Binance US Dollar at the time of delisting.
  • During the market crash, holders of leveraged tokens suffered major losses. Even though a  chunk of these losses should also be equated to order book lags on Binance.
  • Zhao took to his twitter account to reply back to the complaints. He justifies by saying that people can wait for a month and check the price of Leveraged Tokens.

After the shocking news that the biggest cryptocurrency exchange, Binance, has decided to delist Leveraged tokens hit the people, there has been utter chaos. People have reacted to it in different ways. Binance has given the LT holders three way outs, as stated in their tweet.

The options are either to trade out the existing positions, either to withdraw or to hold on and the equivalent value of the holdings will be credited to Binance US Dollar at the time of delisting. CEO of FTX, Sam Bankman Fried attacked Binance by tweeting that they failed to educate the users about Leveraged Tokens.

CHANGPENG ZHAO’S REPLY TO COMPLAINTS

Binance CEO, Zhao took to his twitter account to reply back to the complaints. He justifies by saying that people can wait for a month and check the price of Leveraged Tokens. He proudly states that his company has taken the right decision and the complainers can come and check with their stand after a month. While other big companies like FTX are still holding on to LTs, do you think Binance made the right decision?

Some analysts even speculate that Bitcoin’s value, even though looks gloomy in near future, might actually cross $10,000. Only time will tell in which direction will the balance descend.

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