Binance CEO Changpeng “CZ” Zhao recently took to Twitter to share what he thinks may be the reason for the recent fear, uncertainty, and doubt (FUD) surrounding crypto exchanges.
In a lengthy Twitter thread on Saturday, CZ shared There are nine possible reasons behind the recent FUD, all of which are external factors.
First, CZ claimed that some people attack Binance only because they do not like centralization and centralized platforms. “Even if someone helps CEX accelerate crypto adoption, they just hate CEX,” he said.
Second, he added that some users who lost money on trades or experienced outage issues may blame the exchange. “Not all cases are black and white right or wrong.”
The crypto billionaire also pointed to the growing competition and lobbying against the exchange. He specifically hinted at the fact that crypto outlet The Block was secretly funded by Sam Bankman-Fried, the disgraced founder of FTX. she added:
“According to the above, some media are paid FUD. Some are completely “owned” by a “competitor”. Some may wrongly think we cut off their funding sources (we didn’t, They failed on their own), and blame no matter how illegal their funding sources may have been.”
CZ noted that some traditional media outlets and some conservative politicians working to protect traditional financial institutions from crypto disruption have also played a role in spreading FUD around the biggest players in the industry.
However, he added that traditional financial companies can protect themselves from crypto disruption by lobbying against the industry. “I think the best way to protect banks from disruption is to allow them to adopt blockchain technology as quickly as possible,” he said.
He also claimed that there are “generalizations”. The crypto boss said that some people may start hating all crypto exchanges if the platform they use or love goes bad.
And finally, CZ said that due to the size of the platform, some people may write about Binance, which will allow them to get you more clicks. “Size has pros and cons,” he said, concluding:
“There’s no absolute right or wrong in most of the above. It’s just how our world is. We just need to recognize and understand it. We’re not perfect. We welcome feedback, but ignore the FUD. We welcome your feedback.” Let’s focus on building our products together.” help.”
As mentioned, Binance observed over $3 billion The net withdrawal took place in 24 hours earlier this month as rumors about alleged problems with the platform continued to spread like wildfire.
More Read
Bitcoin Crypto Related Post
