Binance’s CZ Addresses Reason Behind Binance FUD.
Binance CEO Changpeng Zhao (CZ) recently took to Twitter in a long lengthy thread to address why so many people have been spreading major fear, uncertainty, and doubt (FUD) surrounding his crypto exchange.
According to CZ, one of the biggest reasons for the FUD surrounding Binance is due to external factors, rather than issues within Binance itself.
CZ first points out that many in the crypto industry impulsively hate centralization, despite whether this centralization could help further the industry. “Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX,” CZ wrote.
Typo: 1/9 😉
Some in our industry hate centralization. Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX. Everyone is allowed to hold their views and voice their opinions. Nothing wrong with that.
— CZ 🔶 Binance (@cz_binance) December 23, 2022
CZ also argues that Binance, being the number one crypto exchange in the world, is seen as a major competition by many other crypto companies and exchanges. It’s because of this that many other entities have tried to sabotage Binance’s reputation, CZ claims.
“We have seen some go to extraordinary lengths to lobby against us, or loaning sums of money to small media that’s worth many times the media outlet’s market value, including buying their CEOs houses, etc.” The CEO wrote, “some media gets paid to FUD us. Some are entirely “owned” by a “competitor”. Some may wrongly think that we cut off their funding sources (we didn’t, they failed on their own), and blame us, regardless of how illegitimate their funding sources may have been.”
CZ also explains that another reason Binance has been receiving so much FUD is due to the fact that most media as well as politicians are still “traditional” and don’t fully accept the idea of cryptocurrencies yet.
Further, the Binance CEO points out that generalizations have caused a lot of FUD, with people in the community assuming that “If one CEX is bad, then all other CEXs must be bad too.”
Finally, CZ points out that another reason for the FUD could potentially just be due to the racism and jealousy that have been targeted towards him.
“There may be a tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians. Who knows? We don’t care.” He wrote.
CZ Denies Ties To China
In the past, CZ has been a target of what some would consider a racism-driven accusations, with government officials like US Senator Bill Hagerty previously accusing the Binance CEO of being backed by the Chinese communist party, despite having no evidence to prove so.
CZ has since denied these accusations in an interview, explaining that despite being ethnically chinese, both he and his exchange had no relations or ties to China.