Binance CEO indirectly suggests not buying new meme coins

On Apr 23, 2023

Changpeng Zhao (CZ) explained how new meme coin project teams trick people to get huge numbers of investors.

Changpeng Zhao (CZ) is the founder & CEO of the Binance crypto exchange. Binance is the top-ranked crypto exchange by global trade volume on this platform. The services of this exchange are available in almost every country.

On 21 April 2023, CZ said that he usually follows those Twitter accounts which help crypto investors & community with better education & awareness in this innovative sector. He also said that he will keep following all those people, who will support this sector.

I "randomly" followed a few people because they replied 4. I won't be able to follow everyone who do that, especially after I said this. I will continue to "randomly" follow positive people who are contributing to our communities. 🙏 https://t.co/6f27u0mqp1
— CZ 🔶 Binance (@cz_binance) April 21, 2023

Further addresses the issue with these things and noted that new meme coin crypto project teams try to buy those Twitter accounts, which are followed by him.

According to CZ, such a new crypto project team intends to show that their crypto project is supported by Binance CEO & Binance exchange.

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CZ suggested people not buy any meme coin on behalf of such facts because it may be risky.

There apparently are groups of people trying to buy accounts I follow, then issue meme coins. I unfollow and block them.

Don’t get into those meme coins either. Understand the risks. https://t.co/tNyfJskLV0
— CZ 🔶 Binance (@cz_binance) April 22, 2023

Low-quality Crypto YouTubers

The Bitcoinik.com team noted that many times Crypto YouTubers guide new crypto investors wrongly. It has been found many times that low-quality Crypto focused crypto YouTubers usually consider all kinds of crypto projects genuine with Binance CEO as a follower on their Twitter account.

These things absolutely needed to be changed because if crypto influencers will do such mistakes then surely it will lead in a wrong crypto education among the new crypto Investors and people will consider the reliability of any crypto project on behalf of the popularity of a particular name on behalf of social appearance in the crypto community, instead technical level understanding.