Binance CEO highlights the importance of anti-addiction notice for crypto exchanges

Binance CEO Changpeng Zhao recently highlighted the importance of anti-addiction notices when trading high-risk products such as options.

A few days after a 20-year old tragically took his life after seeing a $730,000 negative balance on the popular retail trading app Robinhood, the CEO of one of the world’s leading crypto exchanges Binance highlighted the anti-addiction notice. Earlier this month, Alex E. Kearns, a 20-year old student at the University of Nebraska, committed suicide. Alex’s parents found a note on his computer, that read “How was a 20-year-old with no income able to get assigned almost a million dollars worth of leverage?”

 

Binance CEO highlights the responsibility of exchanges. 

The CEO of Binance tweeted, quoting the Forbes article about Alex, “this is truly a sad story. Binance is probably one of the first crypto exchanges to implement Responsible-Trading features in our products.” He referred to an official announcement where Binance explains what responsibility features it has implemented, urging people to be extra careful. The Binance CEO referred to an official announcement where Binance explains what responsibility features it has implemented, urging people to be extra careful. One of the implementations is the Anti-Addiction Notice, which temporarily bans users due to “consecutive losing trades.

 

Binance joined the crypto committee of IAMAI. 

As reported earlier, Binance, the world’s largest cryptocurrency exchange by trade volume, has joined the Internet and Mobile Association of India. This Indian tech industry association helped overturn the nation’s crypto banking ban earlier this year. The cooperation between Binance and IAMAI is an early step in implementing industry best practices in the Indian crypto market, the crypto exchange claimed. Over the last few years, Binance has been on an acquisition spree as it continues to acquire crypto and blockchain businesses around the world. The exchange also launched its mining pool this year as the crypto community expressed concern over the centralization of hash power. The world’s leading crypto exchange by trading volume is also launching a trading platform for the UK’s institutional and retail investors.   

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here