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Binance Says Rout Won’t Hit Crypto’s Value Role – SCMP

The use of high-yield leveraged products worsened the rout in the $247 billion decentralised finance industry over the weekend, Binance chief Changpeng Zhao said

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Binance chief Changpeng Zhao says retail investors in the Luna stablecoin collapse should be reimbursed first.
Binance founder Changpeng Zhao, who is more commonly referred to as 'CZ'. Photo: Reuters.


The turmoil in the crypto market won’t impact the role of cryptocurrency as a store of value, Binance chief executive Zhao Changpeng said in an interview with the South China Morning Post, adding that the use of high-yield leveraged products worsened the rout in the $247 billion decentralised finance industry over the weekend.

Crypto will play a major role in the future of Web 3, the next avatar of the internet that is based on blockchain technology, Zhao said.

Read the full report: South China Morning Post.





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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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