CZ addresses reasons behind Binance's recent FUD

Binance CEO Changpeng "CZ" Zhao took to Twitter connected Dec. 23 to share his position connected the reasons down the caller fear, uncertainty, and uncertainty (FUD) surrounding the crypto exchange.

According to CZ successful the thread, Binance's FUD is chiefly caused by outer factors - not by the speech itself.

One of the reasons mentioned by the CEO was that portion of the crypto assemblage hates centralization. "Regardless if a CEX helps with crypto adoption astatine a faster rate, they conscionable hatred CEX," helium noted.

CZ besides pointed retired that Binance has been seen arsenic contention by galore manufacture players, with progressively lobbying against the speech and "loaning sums of wealth to tiny media that’s worthy galore times the media outlet's marketplace value, including buying their CEOs houses, etc.", referring to The Block's CEO, Mike McCaffrey, who secretly financed the crypto quality level with loans from Alameda Research.

McCaffrey stepped down arsenic CEO connected Dec. 9, aft disclosing 2 loans totaling $27 cardinal from the hedge money portion of FTX Group.

Related: Binance joins lobbying radical arsenic disapproval of the speech ramps up

CZ repeatedly cited media outlets' sum arsenic the origin of FUD, accusing immoderate of being "paid" to nutrient it - without providing immoderate evidence.

4/ Per above, immoderate media gets paid to FUD us. Some are wholly “owned” by a "competitor". Some whitethorn wrongly deliberation that we chopped disconnected their backing sources (we didn’t, they failed connected their own), and blasted us, careless of however illegitimate their backing sources whitethorn person been.

— CZ Binance (@cz_binance) December 23, 2022

Further, the enforcement noted that blimpish politicians moving to support accepted fiscal institutions from crypto disruption were besides spreading misinformation. CZ stated that "being blimpish is not wrong", but banks should clasp blockchain exertion alternatively than warring against disruption. 

Finally, CZ besides claimed that determination whitethorn beryllium a "tiny fig of radical who are jealous, oregon conscionable plain racist against Chinese-looking Canadians" contributing to the dispersed of FUD against the exchange.

Investors person been moving their crypto assets to self-custody and different exchanges successful effect to the FUD surrounding Binance since the downfall of FTX. A fig of concerns regarding the exchange's liquidity, its reserves, and ongoing investigations successful the United States resulted successful billions successful outflows successful the past weeks.

On Dec. 22, Binance besides published a blog station successful Chinese addressing 7 cardinal issues the institution intended to clarify, Cointelegraph reported.