Binance CEO Changpeng Zhao (CZ) addresses what he calls the FUD (fear, uncertainty and doubt) surrounding the world’s largest crypto exchange.
In a lengthy thread on Twitter, CZ lists seven “inexhaustible” reasons why he says people like to spread FUD about Binance.
CZ starts his thread saying that many people in crypto impulsively dislike all centralized firms, whether they are exchanges or other types of companies. Second, CZ says there are many people who have lost money in crypto for whatever reason, and they point their blame at prominent entities like Binance.
Third, CZ says that some entities in the industry see Binance as a competitor and occasionally try to cast a shadow over the exchange in an attempt to take them down.
“We have seen some go to extreme lengths to lobby against us, or lend sums of money to small media that are worth many times more than the media’s market value, including buying the houses of their directors, etc.
According to the above, some media outlets are paid to give us FUD. Some are completely ‘owned’ by ‘competitors’. Some may mistakenly think we cut off their funding sources (we didn’t, they went bankrupt themselves) and blame us, no matter how illegitimate their funding sources were.
The fourth reason CZ identifies is that a larger portion of the mass media consumer base, as well as political constituencies, may be traditionally or conservatively inclined, and naturally skeptical of cryptocurrency.
“Some media have a more traditional readership and will tend to align with their views.” There is nothing wrong with that.
The same goes for politicians, policy makers, etc. Not all of them are supremely progressive. Being conservative is not wrong. I have met leaders who want to “protect” their banks instead of “disrupting” them with cryptocurrencies.
CZ says the fifth reason people like to spread Binance FUD is simply because of the generalizations that group the exchange with other failed centralized firms like FTKS.
The sixth reason, according to CZ, can be pure jealousy or racism. Government officials in the past, including US Senator Bill Hagerty the accused Binance is backed by Communist Chinese, despite there being no evidence other than CZ himself being ethnically Chinese.
The final reason, according to CZ, is the sheer size of Binance, which he says encourages the media and those with the platform to constantly talk about the exchange.
“The size. Writing about ‘Binance’ gets you more clicks. If you write about a small stock market, you get fewer clicks. Size has advantages and disadvantages. Most of the above has no absolute right or wrong. Such is our world. We just need to recognize and understand that.
We are not perfect. We welcome feedback, but please ignore the FUD. We focus on building our own products with your support.”
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