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Home»News»Binance Debunks FUD: CZ Addresses Controversy Surrounding Exchange
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Binance Debunks FUD: CZ Addresses Controversy Surrounding Exchange

Saheel KhirodkarBy Saheel KhirodkarDecember 27, 2022Updated:December 27, 20221 Comment2 Mins Read
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Binance Addresses Mazars Saga, USDC Withdrawal Halt and Other 'FUD' Amid  Heightened Crypto Exchange Scrutiny - The Daily Hodl
According to CZ, external factors rather than the exchange itself are primarily to blame for Binance’s FUD.

On December 23, Changpeng “CZ” Zhao, the CEO of Binance, posted on Twitter to discuss the causes of the recent fear, uncertainty, and doubt (FUD) surrounding the cryptocurrency exchange.

CZ claims in the thread that rather than the exchange itself, external factors are primarily to blame for Binance’s FUD.

The CEO cited the fact that some members of the crypto community despise centralization as one of the causes. They simply despise CEX, he said, regardless of whether it accelerates the adoption of cryptocurrencies.

The Block’s CEO, Mike McCaffrey, who secretly financed the crypto news platform with loans from Alameda Research, was cited by CZ as an example of how Binance has been perceived as competition by many industry players, with increasing lobbying against the exchange and “loaning sums of money to small media that’s worth many times the media outlet’s market value, including buying their CEOs houses, etc.”

After disclosing two loans totaling $27 million from the FTX Group hedge fund, McCaffrey resigned as CEO on December 9.

Without offering any proof, CZ repeatedly cited media outlets’ coverage as the source of FUD and claimed that some had been “paid” to produce it.

4/ 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.

— CZ 🔶 Binance (@cz_binance) December 23, 2022

The executive also pointed out that right-wing politicians spreading false information while attempting to safeguard established financial institutions from disruption by cryptocurrencies. Being cautious is acceptable, according to CZ, but banks should adopt blockchain technology rather than battle disruption.

Finally, CZ asserted that the spread of FUD against the exchange may be aided by a “tiny number of people who are envious, or just plain racist against Chinese-looking Canadians.”

Since the demise of FTX, investors have been shifting their crypto assets to self-custody and other exchanges in response to the FUD surrounding Binance. The exchange lost billions in the last few weeks due to a variety of worries about its reserves, liquidity, and ongoing US investigations.

According to Cointelegraph, Binance also released a blog post in Chinese on December 22 that addressed seven important points the company wished to clarify.

Binance Business changpeng zhao cryptocurrency exchange FUD
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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