Binance CEO Changpeng Zhao (CZ) is addressing the “FUD” (fear, uncertainty, and doubt) that has surrounded the world’s largest cryptocurrency exchange.
CZ lists seven “non-exhaustive” reasons why he believes people like to spread FUD about Binance in a lengthy Twitter thread.
CZ begins his thread by stating that many people in crypto have an irrational dislike for all centralised firms, whether they are exchanges or other types of businesses. Second, CZ claims that many people have lost money in crypto for various reasons and are blaming prominent entities such as Binance.
Third, CZ claims that some entities in the industry see Binance as a competitor and will occasionally try to bring the exchange down a notch.
“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. As previously stated, some media outlets are paid to deceive us. Some are completely “owned” by a “competitor.” Some may mistakenly believe that we cut off their funding sources (we did not; they failed on their own) and blame us, regardless of how illegitimate their funding sources were.”
The fourth reason identified by CZ is that a large portion of the mass media’s consumer base, as well as political constituents, may be traditional or conservative-minded, and thus naturally sceptical of cryptocurrency.
“Some media have more traditional readerships, and their views tend to align with theirs. There’s nothing wrong with that. The same is true for politicians, policymakers, and so on. They are not all cutting-edge progressive. Being a conservative is not a bad thing. I’ve met leaders who want to “protect” their banks rather than “disrupt” them with cryptocurrency.”
According to CZ, the fifth reason people spread Binance FUD is simply because of generalisations that lump the exchange in with other failed centralised firms such as FTX.
According to CZ, the sixth reason could be pure jealousy or racism. Government officials, including US Senator Bill Hagerty, have previously accused Binance of being backed by communist Chinese, despite the fact that CZ is ethnically Chinese.
The final reason, according to CZ, is Binance’s massive size, which he claims encourages media and those with a platform to constantly talk about the exchange.
“Size. Writing about ‘Binance’ increases your clicks. When you write about a minor exchange, you get fewer clicks. Size has advantages and disadvantages. The majority of the preceding have no absolute right or wrong. It’s just the way things are in our world. All we have to do is recognise and comprehend it. We are not without flaws. We welcome feedback but reject misinformation. With your help, we will concentrate on developing our own products.”