Binance CEO Changpeng Zhao (CZ) is addressing what he calls the FUD (fear, uncertainty and doubt) surrounding the world’s largest cryptocurrency market.
In a lengthy Twitter thread, CZ lists seven “non-exhaustive” reasons why he says people love spreading FUD on Binance.
CZ starts his thread saying that a lot of people in crypto impulsively hate all centralized businesses, whether exchanges or other types of businesses. Secondly, CZ says that there are many people who have lost money in crypto for whatever reason, and blame prominent entities like Binance.
Third, CZ says that some industry entities see Binance as a competitor, and occasionally try to throw shade at the exchange in an attempt to take them down a notch.
“We have seen certain entities go to extraordinary lengths to lobby against us, or lend sums of money to small outlets that are worth many times the outlet’s market value, including buying their CEOs’ homes, etc.
As stated above, some media are paid to denigrate us. Some are entirely “owned” by a “competitor”. Some may mistakenly think that we have cut off their funding sources (this is not the case, they failed on their own), and blame us, regardless of the illegitimacy of their funding sources. »
The fourth reason identified by CZ is that much of the mass media consumer base, as well as political voters, may be mainstream or conservative, and understandably skeptical of cryptocurrencies.
“Some media have more traditional readerships, and will tend to align themselves with their opinions. There is nothing wrong with that.
The same goes for politicians, policy makers, etc. Not all of them are forward-thinking progressives. Being conservative is not bad. I’ve met executives who want to “protect” their banks instead of “disrupt” them with crypto. »
CZ says the fifth reason people like to spread Binance’s FUD is simply because of the generalizations that lump the exchange together with other failed centralized companies like FTX.
The sixth reason, according to CZ, could be pure jealousy or racism. In the past, government officials, including US Senator Bill Hagerty, have accused Binance of being backed by communist Chinese, although there is no evidence other than the fact that CZ himself is ethnically Chinese.
The final reason, according to CZ, is the sheer size of Binance, which he says causes the media and people with a platform to constantly talk about the exchange.
” Cut. Writing on ‘Binance’ brings you more clicks. If you write on a smaller exchange, you get fewer clicks. Size has advantages and disadvantages. Most of the questions above don’t have absolute good or bad sides. It’s just the way the world is made. We just have to recognize it and understand it.
We are not perfect. We welcome feedback, but ignore FUD. We focus on building our own products with your support. »