Binance Has Released Full Transcript AMA With CZ
During his fifth live ask-me-anything session, Binance CEO CZ addressed the extension of 25% trading fee discount, the team’s commitment of BNB allocations to the token burn, and other important topics across the Binance ecosystem
On 25% Fee Discount for Another Year
The first one is, we will continue to keep the 25% discount for using BNB to trade on Binance.com. According to the whitepaper, we should be reducing the discount from 25% to 12.5% on July 14. But with everything considered, we want to give back to the community, and we think that [the retention of the 25% discount] is the best for BNB token. We want to increase the utility of BNB, have more people to use it, instead of just increasing revenue for Binance.com.
We want to continue the 25% discount for at least another year. We’re giving back more discounts to the community. That should help our trading volumes and encourage everybody to be more active. I do personally believe that it’s a positive decision for BNB and BNB holders.
On Margin Trading
We’ve released margin trading fully to everyone yesterday. And yesterday alone, over 10,000 signed up for margin accounts. So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.
On the Latest BNB Burn
We’ve been discussing with all the Binance team members. And the unanimous decision by the Binance team is that they will not spend a penny from their ICO allocation of BNB, which is 80 million BNB. At the current rate, that’s currently worth US$2.4 billion. We’re not gonna cash that out, We’re gonna burn it all. We’re gonna allocate 100% of that allocation to the burn.
What does this mean? Basically, the team will not claim pre-allocated tokens; the team gets nothing from the ICO. All BNB we have are either earned through our services or bought with our own money. I think this clearly shows that the Binance team is here for a mission, we’re not here for the money. That should boost the confidence of our community.
That said, the Binance team will likely continue to be some of the largest holders of BNB, because for all of our services, we receive BNB. And we’re still incentivized to increase the BNB value.
On Upcoming Binance Futures Feature
We plan to begin public testing of the Binance Futures feature by the end of July, starting with a simulation market. The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.
Binance Has Released Full Transcript AMA With CZ – Learn More Information At: https://www.binance.com