Binance CEO “CZ” in a tweet on Monday clarified that the exchange did not buy, and does not own any UST.
Any UST the exchange had was from trading fees, and is now valued close to zero- following a severe crash in the token.
After the LUNA and UST crisis, users were skeptical about whether BINANCE or “CZ” holds UST as the company had invested in Terra’s projects. Binance’s CEO had earlier recommended Terraform Labs to either burn or buy back UST tokens to revive the stablecoin.
Binance Does Not Hold Terra’s UST: Binance CEO “CZ”
After reading comments on Twitter pressurizing CZ to disclose UST holdings in Binance, Binance’s CEO has now been notified by his team that the exchange doesn’t hold UST, except for what the exchange gets from trading fees. However, the value of UST is now zero. He said:
We probably do have some from trading fees. Probably valued close to 0 now. (Think of it as free trading in the past, haha). This just wasn’t on my mind. Not how we prioritize things. Users first.
