Kenne Michael 
Photographer: /Bloomberg via Getty Images
Binance CEO Changpeng Zhao (CZ) enforces a prohibition on employees trading futures and implements rigorous internal monitoring, with termination being the consequence for violators. Today marked Binance’s recording of the largest liquidation order ever, amounting to $55.9 million.
https://twitter.com/crypto_688/status/1692445868522414458
Furthermore, Binance requires all its employees to maintain their positions for a minimum of 90 days before participating in trading activities. The internal security team actively monitors employee trading actions across various platforms, and any violation of these regulations results in immediate termination.
Amidst a significant market downturn today, an investor in Binance’s ETH/BUSD contract underwent liquidation, culminating in a value of $1,434.37 and a total of $55.9211 million.
This transaction emerged as the most notable liquidation order observed during the day. Wu Blockchain proposes the potential that this individual acts as a market maker employing hedging strategies on alternate exchanges.
Binance registered a cumulative total of liquidation events today, reaching almost $220 million, with $188 million stemming from the liquidation of long positions. These figures underscore the extensive scope of Binance’s futures trading operations and the associated potential risks.
In a recent development, Binance unveiled plans to issue and convert delisted New Bitshares (NBS) tokens held by its users. The transition is scheduled to take effect promptly at 08:00 on September 9th, incorporating a snapshot to verify NBS token balances based on the location records within users’ Binance Wallets.