Binance CEO Changpeng Zhao (CZ) is addressing what he calls FUD (fear, uncertainty and doubt) surrounding the world’s largest crypto exchange.
In a lengthy thread on Twitter, CZ lists seven “non-exhaustive” reasons why he says people like to spread FUD about Binance.
CZ starts his thread by saying that many people in crypto impulsively dislike all centralized firms, whether it’s exchanges or other types of companies. Secondly, CZ says there are a lot of people who have lost money in crypto for whatever reason, and are pointing their blame at prominent entities like Binance.
Thirdly, CZ says that some entities in the industry view Binance as a competitor, and occasionally try to throw shade on the exchange in an attempt to knock them down a notch.
“We have seen some go to extraordinary lengths to lobby against us, or loaning sums of money to small media that’s worth many times the media outlet’s market value, including buying their CEOs houses, etc.
Per above, some media gets paid to FUD us. Some are entirely ‘owned’ by a ‘competitor.’ Some may wrongly think that we cut off their funding sources (we didn’t, they failed on their own), and blame us, regardless of how illegitimate their funding sources may have been.”
The fourth reason CZ identifies is that much of mass media’s consumer base, as well as political constituents, may be traditional or conservative-minded, and naturally skeptical of cryptocurrency.
“Some media have readerships that are more traditional, and will tend to align with their views. Nothing wrong with that.
Same goes for politicians, policymakers, etc. Not all of them are cutting-edge progressive. Being conservative is not wrong. I have met leaders who want to “protect” their banks instead of “disrupting” them with crypto.”
CZ says the fifth reason people like to spread Binance FUD is simply because of generalizations that group the exchange with other failed centralized firms 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 the communist Chinese, despite there being no evidence other than CZ himself being ethnically Chinese.
The last reason, according to CZ, is the sheer size of Binance, which he says incentivizes media and those with a platform to constantly talk about the exchange.
“Size. Writing about ‘Binance’ gets you more clicks. If you write about a small exchange, you get less clicks. Size has pros and cons. Most of the above have no absolute right or wrongs. It’s just how our world is. We only need to recognize and understand it.
We are not perfect. We welcome feedback, but ignore FUD. We focus on building our own products with your support.”
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