Binance CEO Says some media gets paid to spread FUDs

Changpeng Zhao addresses many points which are the reason behind the FUDs of the Binance Crypto exchange. 

Binance is a first ranked Crypto exchange, in terms of 24 hours global crypto trade volume on its platform. After the downfall of the FTX exchange, Binance proposed the concept of Proof-of-reserves (PoR) as a default feature for the crypto companies. Binance CEO Changpeng Zhao (CZ) appeared as a Crypto saviour personality in that critical situation but still, many critics raised questions about Binance’s PoR & claimed that its PoR doesn’t have any liabilities. 

On 24 Dec, CZ took to Twitter to talk about the FUDs about Binance exchange and said that such issues are not because of Binance but there are external reasons.

First of all, CZ said that the majority of the people don’t like centralised crypto services, despite centralised companies having a better ability to push Crypto adoption. 

“Some in our industry hate centralization. Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX. Everyone is allowed to hold their views and voice their opinions. Nothing wrong with that,” Zhao stated.

Further CZ said that few rival Crypto companies pay money to media houses to spread FUDs about Binance, which usually remains better for Media house owners. Indirectly, Binance CEO criticised the former CEO of TheBlock Mike McCaffrey who stepped down from his position as he secretly received funds from bankrupt Crypto exchange FTX founder Sam Bankman-Fried (SBF).

Binance CEO also pointed out some unpaid & unbiased Media house, which usually publishes bad news about the exchange without any clear evidence. On these media houses, CZ claimed that they do the same to get huge views, which is not wrong for their business. 

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