Key Points:
Binance’s FUD is mostly the result of external causes, not the exchange itself.
CZ alleged that a tiny number of people are jealous, or just plain racist against Chinese-looking Canadians.
On December 23, Binance CEO Changpeng “CZ” Zhao came to Twitter to discuss the causes of the current fear, uncertainty, and doubt (FUD) surrounding the crypto exchange.
According to Changpeng Zhao in the discussion, Binance’s FUD is mostly the result of outside causes, not the exchange itself.
Why do people FUD about @Binance? A few (non-exhaustive) reasons. Thread 1/98
— CZ Binance (@cz_binance) December 23, 2022
One of the reasons given by the CEO was that some members of the cryptocurrency ecosystem hate centralization.
Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX.
CZ also noted that Binance has been viewed as a competitor by many industry players, with increasingly aggressive lobbying against the exchange and “loaning sums of money to small media that’s worth many times the media outlet’s market value, including buying their CEOs houses, etc.”, referring to The Block’s CEO, Mike McCaffrey, who secretly financed the crypto news platform with loans from Alameda Research.
McCaffrey stepped down as CEO on December 9, after disclosing two loans totaling $27 million from the hedge fund part of FTX Group.
CZ consistently blamed FUD on media coverage, accusing some of being “paid” to manufacture it without giving any evidence.
3/ Some industry players view @Binance as competition. 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.
— CZ Binance (@cz_binance) December 23, 2022
The executive also pointed out that conservative lawmakers attempting to defend existing banking institutions from bitcoin disruption were disseminating falsehoods. “Being conservative is not wrong,” CZ said, but banks should embrace blockchain technology rather than resist innovation.
Finally, CZ alleged that a “tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians” may be contributing to the propagation of misinformation about the transaction.
