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Binance CEO CZ bans employees from futures trading

Binance CEO CZ bans employees from futures trading WikiBit 2023-08-21 13:43

Binance CEO CZ prohibits employees, including himself, from trading futures. Violators of the internal monitoring policy face immediate termination. Binance saw a $55.9M liquidation order, the largest of the day.

Binance CEO CZ bans employees from futures trading and strict internal monitoring and violators face termination. Last week, Binance recorded the Largest liquidation order at $55.9M.

Binance CEO Changpeng Zhao (CZ) recently tweeted that Binance employees, including himself, are not allowed to trade futures.

In addition, Binance requires all employees to hold positions for at least 90 days before trading. The internal security team monitors employee trading activities on multiple platforms, and any violation of these rules will result in immediate termination.

We reported that during a sharp market drop on Friday, an investor in Binances ETH/BUSD contract was liquidated at $1,434.37 for $55.9211 million, the largest liquidation order of the day. According to Wu Blockchain, this could be a market maker who hedges on other exchanges.

Binance recorded the total of liquidations today with almost $220 million, of which long positions liquidated $188 million. These numbers show Binances futures trading scale and the potential risks involved.

Recently, Binance announced the issuance and conversion of its users‘ delisted New Bitshares (NBS) tokens. The transition is set to take place promptly at 08:00 on September 9th, with a snapshot taken to determine the NBS token balances based on users’ Binance Wallet location records.


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