{"id":522881,"date":"2023-03-13T20:00:49","date_gmt":"2023-03-13T20:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=522881"},"modified":"2023-03-13T17:24:28","modified_gmt":"2023-03-13T17:24:28","slug":"u-s-doesnt-want-to-get-entangled-with-the-silicon-valley-bank-collapse-binance-boss","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/u-s-doesnt-want-to-get-entangled-with-the-silicon-valley-bank-collapse-binance-boss\/","title":{"rendered":"U.S. Doesn&#8217;t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In a now-deleted\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/web.archive.org\/web\/20230312235302\/https:\/\/twitter.com\/cz_binance\/status\/43311110\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">tweet<\/span><\/a><span data-preserver-spaces=\"true\"> on March 12, Binance CEO, Changpeng Zhao, spoke on the failure of Silicon Valley Bank (SVB) and the U.S. government&#8217;s subsequent bailout of depositors. In the tweet, Zhao said the government doesn&#8217;t want to get entangled.<br \/>\n<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Binance Boss: Silicon Valley Bank Bailout Makes Bank Reckless<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">He argued that once the government bails out a bank, it creates a dilemma because if they don&#8217;t bail out a bank in the future, they will be questioned as to why they did it before. Therefore, banks have &#8220;zero incentives to manage risk, leading them to take maximum risks for maximum returns.&#8221;<\/span><\/p>\n<figure id=\"attachment_522883\" aria-describedby=\"caption-attachment-522883\" style=\"width: 1343px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/web.archive.org\/web\/20230312235302\/https:\/\/twitter.com\/cz_binance\/status\/43311110\" rel=\"nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-522883 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?resize=1343%2C398\" alt=\"Changpeng Zhao Tweet Silicon Valley Bank\" width=\"1343\" height=\"398\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=1343 1343w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/Changpeng-Zhao-Tweet-Silicon-Valley-Bank.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-522883\" class=\"wp-caption-text\">Changpeng Zhao Tweet: Archive<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/silicon-valley-bank-falls-will-us-interest-rates-fall-to-3-75\/\">Silicon Valley Bank Falls \u2013 Will US Interest Rates Drop To 3.75%?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Bailing out Silicon Valley Bank can be seen as a preemptive move to prevent a potential banking crisis. Regulators have been working behind closed doors to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2023\/03\/12\/pnc-decides-not-to-bid-on-silicon-valley-bank-as-regulators-struggle-to-find-rescue-buyers.html\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">find<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a buyer for the bank.\u00a0<\/span><span data-preserver-spaces=\"true\">Meanwhile, Bitcoin prices increased on March 13, rising above $24,500.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/HmObxB9c\/\" alt=\"Bitcoin Price On March 13| Source: BTCUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><figcaption class=\"wp-caption-text\">Bitcoin Price On March 13| Source: <a href=\"https:\/\/www.tradingview.com\/x\/HmObxB9c\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.yahoo.com\/regulators-seize-signature-bank-in-third-largest-us-bank-failure-231404695.html\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">Signature Bank&#8217;s<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0failure further compounded fears that the banking crisis could spread. The government announced that all SVB depositors would be protected and able to access their money from today, March 13. Additionally, steps would be implemented to protect the bank&#8217;s customers and prevent further bank runs.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Regulators need to step in to do a *backstop* of depositors (not a bailout of a bank)<\/p>\n<p>40,000 SVB depositor small businesses<br \/>30% will fail to make payroll in the next 30 days<br \/>Estimate 10 employees each<br \/>120,000 jobs on the line<\/p>\n<p>Years of US innovation on the line<\/p>\n<p>&mdash; Garry Tan \ud83d\udca5\u267b\ufe0f e\/acc (@garrytan) <a href=\"https:\/\/twitter.com\/garrytan\/status\/34470656?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">U.S. Treasury Secretary Janet Yellen\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbsnews.com\/news\/janet-yellen-face-the-nation-transcript-03-12-2023\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">acknowledged<\/span><\/a><span data-preserver-spaces=\"true\"> that the failure of SVB was a concern and that the government was designing appropriate policies to address the situation. She also assured the public that the American banking system is &#8220;safe, well-capitalized, resilient, and tested.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, the situation raises concerns about the fragility of the banking system and the potential for future failures. Zhao&#8217;s comments pointed to a lack of incentives for banks to manage risk if they know they will be bailed out in the event of a failure.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/is-moodys-ratings-downgrade-the-reason-why-silicon-valley-bank-fell\/\">Is Moody\u2019s Ratings Downgrade The Reason Why Silicon Valley Bank Fell?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">This raises concern because if banks continue to take risks, it could lead to other failures. Subsequently, this would destabilize the broader financial system.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Financial Stability Is Critical<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Changpeng Zhao argues that resilience and stability require greater transparency, accountability, and a focus on protecting depositors. It also demands banks take responsibility for managing their risks and not rely on government bailouts to protect them from the consequences of their actions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While the Treasury Department&#8217;s actions can prevent a potential\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/apnews.com\/article\/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">crisis<\/span><\/a><span data-preserver-spaces=\"true\">, it also raises questions about whether they should be bailing out private banks in the first place.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">SVB does not deserve a bailout.<\/p>\n<p>A deep look at their financial statement reveals how horrific they were at risk management.<\/p>\n<p>And in my opinion incompetence explains only part of it.<\/p>\n<p>Moral hazard must have been at play.<\/p>\n<p>A thread.<\/p>\n<p>1\/<\/p>\n<p>&mdash; Alf (@MacroAlf) <a href=\"https:\/\/twitter.com\/MacroAlf\/status\/60028419?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Many have argued that regional banks that take unnecessary risks should be allowed to fail, and the government should focus on protecting depositors and preventing contagion to risk-averse banks.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Drew Angerer\/Getty Images, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a now-deleted\u00a0tweet on March 12, Binance CEO, Changpeng Zhao, spoke on the failure of Silicon Valley Bank (SVB) and the U.S. government&#8217;s subsequent bailout of depositors. In the tweet, Zhao said the government doesn&#8217;t want to get entangled. Binance Boss: Silicon Valley Bank Bailout Makes Bank Reckless He argued that once the government bails out a bank, it creates a dilemma because if they don&#8217;t bail out a bank in the future, they will be questioned as to why they did it before. Therefore, banks have &#8220;zero incentives to manage risk, leading them to take maximum risks for maximum returns.&#8221; Related Reading: Silicon Valley Bank Falls \u2013 Will US Interest Rates Drop To 3.75%? Bailing out Silicon Valley Bank can be seen as a preemptive move to prevent a potential banking crisis. Regulators have been working behind closed doors to\u00a0find\u00a0a buyer for the bank.\u00a0Meanwhile, Bitcoin prices increased on March 13, rising above $24,500. \u00a0Signature Bank&#8217;s\u00a0failure further compounded fears that the banking crisis could spread. The government announced that all SVB depositors would be protected and able to access their money from today, March 13. Additionally, steps would be implemented to protect the bank&#8217;s customers and prevent further bank runs. Regulators need to step in to do a *backstop* of depositors (not a bailout of a bank) 40,000 SVB depositor small businesses30% will fail to make payroll in the next 30 daysEstimate 10 employees each120,000 jobs on the line Years of US innovation on the line &mdash; Garry Tan \ud83d\udca5\u267b\ufe0f e\/acc (@garrytan) March 11, 2023 U.S. Treasury Secretary Janet Yellen\u00a0acknowledged that the failure of SVB was a concern and that the government was designing appropriate policies to address the situation. She also assured the public that the American banking system is &#8220;safe, well-capitalized, resilient, and tested.&#8221; Even so, the situation raises concerns about the fragility of the banking system and the potential for future failures. Zhao&#8217;s comments pointed to a lack of incentives for banks to manage risk if they know they will be bailed out in the event of a failure. Related Reading: Is Moody\u2019s Ratings Downgrade The Reason Why Silicon Valley Bank Fell? This raises concern because if banks continue to take risks, it could lead to other failures. Subsequently, this would destabilize the broader financial system. Financial Stability Is Critical Changpeng Zhao argues that resilience and stability require greater transparency, accountability, and a focus on protecting depositors. It also demands banks take responsibility for managing their risks and not rely on government bailouts to protect them from the consequences of their actions. While the Treasury Department&#8217;s actions can prevent a potential\u00a0crisis, it also raises questions about whether they should be bailing out private banks in the first place.\u00a0 SVB does not deserve a bailout. A deep look at their financial statement reveals how horrific they were at risk management. And in my opinion incompetence explains only part of it. Moral hazard must have been at play. A thread. 1\/ &mdash; Alf (@MacroAlf) March 11, 2023 Many have argued that regional banks that take unnecessary risks should be allowed to fail, and the government should focus on protecting depositors and preventing contagion to risk-averse banks. Feature Image From Drew Angerer\/Getty Images, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":522882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,1273,87970],"class_list":["post-522881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-changpeng-zhao","tag-silicon-valley-bank"],"acf":[],"yoast_head":"\n<title>U.S. Doesn&#039;t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss<\/title>\n<meta name=\"description\" content=\"Binance CEO recently spoke on the failure of Silicon Valley Bank (SVB) and the U.S. government&#039;s subsequent bailout of depositors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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