Crypto Exchanges: Funds at Coinbase Are Safe Says Armstrong, Binance to Delist LUNA Contracts

We all know that the crypto market isn’t friendly for anyone right now and just as it is affecting users of crypto exchange platforms, it is also affecting the companies as well because as funds are being lost users are also exiting the apps and one of the companies that have had a massive drop of users is Coinbase.

According to their quarterly report that is usually given, coinbase gave a report that they had lost over 2 million followers recently from over 11 million followers they now have around 9 million and that’s not all, they also said they’ve lost over $400 million dollars so far due to the crypto crash market which is a massive loss. The next company that’s yet to announce theirs is Binance however, they may also lose massive users too due to their recent announcement on Twitter that says:

“Should the price of the LUNA/USDT contracts go below 0.005 $USDT, #Binance shall proceed to delist the contracts”.

If this happens, I believe so many users would permanently lose their funds and also Binance will lose its users.

However, coinbase CEO Armstrong has pointed out that users shouldn’t be wary of bankruptcy because it’s not going to happen and despite that, some users on Twitter are saying that they have declared their funds as unsecured creditors to help bail Coinbase in case of bankruptcy that it won’t happen. He also said that it’s true that users' funds are declared company funds in court but the terms and conditions will however be changed.

The full speech on Twitter says:

Even after assuring users that nothing will happen to their funds, the users or investors are still not satisfied because the coin or company stock is down by 70% which is very far from the All-Time High (ATH) it has reached before, well I can’t really blame them now because the market is not friendly right now and they are not the only one experiencing the crash even their competitors are having the same trouble.

All screenshots from Twitter

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