Binance CEO gives tips on how to buy cryptocurrency safely

Changpeng Zhao, CEO of Binance, shared his thoughts on the situation in the crypto market, advising users not to invest large sums of money in cryptocurrencies.

According to Changpeng Zhao, many cryptocurrency projects have recently declared bankruptcy, and trading platforms freeze the withdrawal of client funds almost every day.

That is why the Binance CEO advised users to be careful and cautious and not to use the services of suspicious platforms or those on the verge of bankruptcy.

Interestingly, Zhao voiced this position after the Indian crypto exchange WazirX was accused of violating the Foreign Exchange Management Act last week. The Enforcement Directorate of India is investigating WazirX to find out whether the exchange’s representatives facilitated the laundering of 2,790 million Indian rupees (over $ 350 million) through its platform.

At the same time, insiders believe that Binance acquired WazirX back in 2019 (this information is confirmed by the chairman of WazirX). However, Binance representatives headed by Zhao currently deny this information.