Crypto exchange Binance sees no point in helping weak projects

Binance CEO Changpeng Zhao told which projects the crypto exchange will help and which will have to save themselves.

My views on bailout and leverage, as in the current market.https://t.co/EC8WULUaOO

— CZ 🔶 BNB (@cz_binance) June 23, 2022

«The current market conditions are challenging, and as one of the largest players in the crypto industry with large cash reserves, we have a duty to protect our users. We also need to help other companies in the industry survive and thrive, even if there is no direct benefit to us,» Zhao explained.

The Binance founder noted that some companies and their products are not well designed and misused. Therefore, according to him, such «losers» will be replaced by better projects, and therefore there is no need to rescue them. «Some of the low-quality projects have a large number of users, partly due to 'creative' marketing and Ponzi schemes,» Zhao added.

According to Changpeng Zhao, the best protection for users is education. He believes that cryptocurrency community members and government organizations need to launch initiatives aimed at improving financial literacy. Thus, recently, Block/Twitter co-founder and CEO Jack Dorsey teamed up with singer Jay-Z to launch The Bitcoin Academy, a blockchain academy for low-income people in Brooklyn. The founders believe in the success of the project and are already working on its launch.