Changpeng “CZ” Zhao, CEO of Binance, recently posted on Twitter about the possible causes of fear, uncertainty and recent suspicion (FUD) surrounding cryptocurrency exchanges.
CZ provided possible reasons for the current FUD in a lengthy Twitter chat on Saturday, all external forces.
First of all, according to CZ, some people just blame Binance because they don’t like central and central platforms. They simply despise CEX, regardless of whether it accelerates the acceptance of cryptocurrencies.
Secondly, he claimed that some users may hold the exchange accountable for trading losses or other problems they face. Not every situation has clear correct and wrong answers.
The coded billionaire also cited pressure against the stock exchange and growing competition. He explicitly referred to the fact that Sam Bankman-Fried, the disgraced founder of FTX, secretly provided funding for cryptocurrency publication The Block. Added:
“As said before, some media are paid to defame us. Some are “owned” entirely by competitors. No matter how fraudulent their funding sources are, some people might wrongly think we cut off their funding sources (we did not; They failed to do so) and blame us. ”
In addition to playing a role in creating FUD around key market players, CZ noted that some traditional media and some conservative politicians have worked to defend traditional financial institutions from disruption due to cryptocurrencies.
Finally, CZ reported that due to the size of the platform, some people may talk about Binance in order to get more clicks. He concluded that status had advantages and disadvantages.