CZ clears up exchange rumours

Changpeng Zhao. Source: video recording, Youtube/Entrepreneur ME

The managing director of Binance, Changpeng “CZ” Zhaorecently took to Twitter to share his thoughts on the reasons behind the FUD (fear, uncertainty, doubt) phenomenon surrounding the exchange.

In a lengthy Twitter thread Saturday, CZ said quoted the nine potential reasons behind this FUD. The reasons given by Zhao all relate to external factors.

The first reason some attack Binance, according to CZ, is simply related to their aversion to centralization and centralized platforms. “It doesn’t matter if a CEX helps crypto adoption at a faster pace, they just hate CEXs,” he said.

Second, he believes that some users who have lost money in trading or encounter external problems may blame the exchange. “But in this kind of situation, everything is not necessarily black or white.”

The billionaire also pointed to the growing competition and lobbying against the stock exchange. He specifically alluded to crypto media The block was secretly financed by Sam Bankman-Friedthe founder of FTX, who is currently facing criminal charges. He added:

“As mentioned above, some media outlets are paid to cause us harm. Some are 100% ‘owned’ by a ‘competitor’. Some may believe that we have cut off their funding sources (we are not responsible for their failure ) ), and choose to blame us, regardless of the illegitimacy of their funding sources.”

CZ mentioned that some mainstream media and conservative politicians striving to protect traditional financial institutions from crypto disruption have also played a role in spreading FUD around the biggest players in the industry.

He noted that traditional financial firms can protect themselves from crypto disruption by lobbying against the industry. However, he noted that “I think the best way to protect banks is to let them adopt blockchain technologies as early as possible.”

He also argued that there was a problem with “generalizations”. The CEO said some could collect all exchanges if the platform they used or enjoy turns out to be dysfunctional.

And finally, CZ said some choose to target Binance because of the platform’s size, which would allow them to get more clicks. “Size has advantages and disadvantages,” he said, concluding:

“Most of the above problems don’t have absolute good or bad sides. It’s just the way the world works. We just have to acknowledge it and understand it. We’re not perfect. We welcome feedback, but we ignore R&D. We focus on build our own products with your support.”

As reported, Binance saw over $3 billion in net withdrawals in 24 hours earlier this month as rumors of alleged platform issues continue to spread like wildfire.

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