Changpeng Zhao: “Binance will help crypto market participants in difficult times”

The founder of the largest cryptocurrency exchange in the world, Binance, supported the initiative of the head of the FTX exchange, who believes that large platforms “are responsible for saving” market participants.

Changpeng Zhao shared on the company’s blog a plan of his actions to save some of the players in the cryptocurrency market. Zhao confirmed his intention to support the initiative of the head of FTX Sam Bankman-Fried (Sam Bankman-Fried), who believes that during the economic downturn, the stronger should help the weak survive.

“Because we are one of the largest players in the industry with significant cash reserves, we have an obligation to protect users. We also have a responsibility to help industry players survive and hopefully thrive. This is necessary even if there is no direct benefit for us or we get a negative ROI,” Zhao explained.

The businessman urged “to approach salvation” from a pragmatic point of view and not to waste time and money on obviously failed projects:

“In any industry, there are always more unsuccessful projects than successful ones. Unfortunately, some of these notoriously bad ones have large numbers of users attracted through overpriced incentives, creative marketing, or Ponzi schemes. Saving them doesn’t make sense. Let them fail, and others, the best, will take their place.

For crypto projects that have brought quality consumer value but made growth mistakes, the CEO of Binance believes it is possible not only to help, but also to ensure that changes are made to eliminate the problems that led to the current situation in the first place.

Changpeng Zhao gave an interview to the British publication TheGuardian in which he stated that after the current collapse of the cryptocurrency market, bitcoin will not be able to jump its historical high of $69,000 until 2024.