Binance CEO Changpeng Zhao, better known by his initials CZ, is not intimidated by the recent storm of regulatory and media scrutiny aimed at his company. Instead, he sees an opportunity for Binance to prove its merits as it faces what he says is FUD. 

In a Twitter Spaces event on Friday, CZ accused Binance’s critics of attempting to paint his company as akin to FTX, the failed cryptocurrency exchange operated by CZ’s former rival Sam Bankman-Fried, amid its ongoing legal troubles. Despite the widespread fear, uncertainty and doubt (FUD), CZ says that Binance has only proved its strength by maintaining its large user base and market share.

“We are a much stronger company today than we were two years ago, I think,” said CZ, adding that Binance is “way ahead of the game in terms of regulatory compliance.”

CZ’s defense runs counter to the accusations levied against him, Binance, and its U.S. subsidiary Binance US by the Securities and Exchange Commission, which launched a lawsuit against it on June 5. In the complaint, the SEC alleges that millions in company funds was moved between companies owned by CZ in what the agency says was a wash trading scheme. The SEC also accused Binance of operating as an unlicensed securities

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Author: Nicholas Morgan

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