Changpeng Zhao took to Twitter to share his viewpoint on the reasons behind the recent FUD surrounding the crypto exchange.
According to CZ in the thread, Binance’s FUD is primarily caused by external factors – not by the exchange itself. One of the reasons mentioned by the CEO was that part of the crypto community hates centralization. “Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX,” he noted.
CZ also pointed out that Binance has been seen as competition by many industry players, with increasingly 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.
CZ repeatedly cited media outlets’ coverage as the cause of FUD, accusing some of being “paid” to produce it – without providing any evidence.
Further, the executive noted that conservative politicians working to protect traditional financial institutions from crypto disruption were also spreading misinformation. CZ stated that “being conservative is not wrong”, but banks should embrace blockchain technology rather than fighting against disruption.
Finally, CZ also claimed that there may be a “tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians” contributing to the spread of FUD against the exchange.
