Binance CEO CZ took to the social media platform today to share his thoughts on why people FUD Binance.
Some people in the crypto industry hate centralization. Regardless of whether CEXs help crypto adoption faster, they just hate CEXs. Everyone has the right to express their opinions, and there is nothing wrong with that.
Some people who lose money trading, or have other problems, may blame and attack us. Not everything is black and white. For example, a user who is temporarily unable to access Binance because of a problem with his own router may be difficult to diagnose or prove, even if no one else has problems during that time, and our system monitoring shows no queues, no traffic overload, and no sudden increase in customer service caseloads.
Some in the industry see Binance as a competitor. We see some people lobbying against us relentlessly, or lending money to small media (the value of which is many times the media market value), even buying houses for their CEOs, etc.
Based on the above, some media outlets get paid to FUD us. Some companies are completely "owned" by "competitors." Some may mistakenly believe that we cut off their source of funding (we have not, not themselves) and blame us, no matter how illegal their source of funding may be.
Cryptocurrencies have not yet seen mass adoption, probably less than 5% globally. Many people remain skeptical of cryptocurrencies. There is no problem at all that some outlets have a more traditional audience and tend to align with their views.
The same goes for politicians, policymakers, etc. Not all of it is progressive. There is nothing wrong with being conservative. I've met people who want to "protect" their banks rather than "disrupt" them with cryptocurrencies. Of course, I personally hold the opposite view. I think the best way to protect banks from disruption is for them to adopt blockchain technology early. Of course, I'm not necessarily right.
Then comes generalization. “If one CEX is bad, then all other CEXs must be bad as well.” Especially if the CEX they liked before turns out to be bad. Then they have to hate other CEX even more.
There may be a small group of people who are jealous or simply have a bad opinion of Canadians with Chinese faces. Who knows? We don't care.
scale. Mentioning "Binance" will get you more clicks. If you write about a small trading platform, you will get a little less clicks. There are pros and cons to being large.
There is no absolute right or wrong for most of the above reasons. This is our world. We just need to recognize and understand it.
We're not perfect. We welcome feedback but ignore FUD. We're focused on building our product with your support.
Merry Christmas!
