On January 31, 2026, Binance founder Zhao Changpeng (CZ) held an English AMA live broadcast at Binance Square. CZ, in his capacity as a personal shareholder and user, provided an in-depth response for an hour on core topics such as the recent market crash, FUD (fear, uncertainty, and doubt) directed at Binance, product controversies, and future investment outlook.
The following is a core summary of this AMA:
1. Face the controversy: Regarding the October 11 plunge and market manipulation accusations
In response to the community's accusations that Binance caused the market crash on October 10, CZ conducted systematic refutations and clarifications. The platform will commit to compliance and transparency, while investors need to take responsibility for their own risks.
The real trigger for the crash: CZ clearly pointed out that the sharp market fluctuations were not caused by Binance's system malfunction or malicious operations, but rather by the macroeconomic event of the tariff announcement. Binance, like other trading platforms, was simply dealing with the resulting surge in trading demand.
The truth about the system malfunction and compensation: He admitted that Binance's system did experience minor performance issues under extreme market conditions (such as delays in account balance updates). However, he emphasized that this was completely separate from the collapse. No tech company (including Cloudflare or X) can guarantee 100% uptime; the key is accountability. Users affected by the system malfunction have received full compensation.
Denying market manipulation and dumping: CZ refuted conspiracy theories that Binance dumped Bitcoin, stating that Bitcoin is a market capitalization of $2 trillion, and any single entity attempting to manipulate prices by dumping would have to risk losing hundreds of billions of dollars; such a crazy entity does not exist. He emphasized that Binance itself does not engage in cryptocurrency trading for profit, nor does it short-sell users.
Compliance bottom line constraints: Binance is currently subject to strict regulation. Global exchanges are regulated by ADGM, and the company has US regulatory personnel within it, leaving no room for illegal operations.
Clarification regarding personal wealth: In response to online rumors that he has a net worth of $92 billion and has profited from it, CZ clarified that this figure is merely an estimate by (Forbes). He has never cashed out large amounts of company stock or crypto assets, nor does he hold fiat currency (including stablecoins) because he believes fiat currency is a depreciating asset in the long run, and he prefers to hold BTC and BNB.
II. Analyzing FUD: The Silent Majority and Survivor Bias
During the live stream, CZ used intuitive mathematical logic to deconstruct the negative sentiment online.
The Silent Majority: CZ points out that Binance has 300 million users. Even if only one in 100,000 users (3,000 people) complains on social media, the volume will seem overwhelming. But this does not represent the views of the remaining 98% of the silent majority.
The three sources of FUD are: online trolls hired by competitors, traders looking for scapegoats after losses, and people trying to get compensation through pressure.
The Counter-Effects of FUD: CZ believes that malicious FUD actually increases Binance's brand exposure, making more people aware of Binance's market dominance. At the same time, external attacks often make core community members and supporters more united.
Trading Responsibility: He repeatedly emphasized a core principle: traders must respect and take responsibility for their own decisions. It's difficult to succeed in trading if users blindly follow others or blame the platform when they lose money.
III. Product Reflection: Alpha and Meme Rush
CZ, from a product manager's perspective, offered a scathing critique and clarification of his own product:
Binance Alpha has been accused of diluting the liquidity of premium tokens. CZ explained that Alpha is positioned as an entry point to the decentralized finance (DeFi) ecosystem, aiming to allow users to access DeFi projects through a centralized interface. This is not a traditional listing; just as Nasdaq cannot guarantee that every stock will rise, users must conduct their own research (DYOR).
Meme RushCZ admitted that the product's original intention was to reduce Rug Pull scams and improve the quality of Meme coins through a screening mechanism, but there were indeed problems in its implementation, leading to the so-called PVP (player versus player) chaos. The product does need iterative optimization.
IV. Investment Outlook and Market View
CZ has adopted a more cautious and conservative approach to macroeconomic markets and investment strategies.
Supercycle: While he previously remained optimistic about the supercycle, his confidence has diminished due to recent excessive FUD sentiment and global geopolitical turmoil. He believes future market volatility will be extremely high, with decreased certainty.
Personal holdings: His strategy is very boring and conservative - he mainly holds Bitcoin (BTC) and BNB, as well as a small amount of Aster, and does not do complicated transactions. He emphasizes that he does not hold fiat currency or stablecoins because they are depreciating assets.
Bitcoin vs. Gold: When asked about Peter Schiff's comments on gold, CZ maintained that Bitcoin is far superior to gold in terms of technological attributes. However, he acknowledged that gold's market capitalization is 10 times that of Bitcoin, and due to its long history, its popularity and acceptance are currently higher than Bitcoin's. Widespread adoption of Bitcoin will still take time.
V. Cutting-edge insights: How will AI reshape trading?
This was the most forward-looking part of the AMA. CZ predicted that artificial intelligence (AI) will completely revolutionize existing trading methods.
From clicking a button to executing an intention: The trading interface of the future will no longer be a complex candlestick chart and red/green buttons. Users will simply give instructions to AI (e.g., convert 10% of my funds into Bitcoin, executed at the weighted average price), and AI will automatically find the best path to complete the trade.
Comprehensive Penetration: Beyond trade execution, AI will also take over back-end processes such as risk analysis and customer service. However, he also warned retail investors not to attempt high-frequency trading with AI, as it is unlikely to outperform institutions with top-tier resources.
VI. Cornerstone of Trust: Fund Security and 100% Reserve Certificate
Towards the end of the live stream, the topic returned to the fundamental aspects of an exchange's survival—security and service.
Fund Security and Reserves: Addressing user concerns about redemption capabilities under extreme market conditions, CZ reiterated that Binance is a 100% fully-reserve exchange with Merkle tree-based proof-of-reserve. He recalled a week in 2022 when Binance processed $14 billion in withdrawals (a peak of $7 billion in a single day), equivalent to a large-scale bank run test, yet the platform remained unscathed.
Listening to the community: Regarding specific suggestions from users, such as increasing services for South Asian users and optimizing quarterly rewards for creators, CZ immediately expressed his support and pledged to push the team to make improvements.
Conclusion
CZ concluded with a thought-provoking trading philosophy: "You must respect your own decisions. If you cannot take responsibility for your trading behavior and always try to find someone else to take the blame, then you are destined not to succeed in this industry."
