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Binance’s CZ dispels FUD, speculates on next big crypto trend in new interview

Press Releases Crypto News CryptoSlate Binance’s CZ dispels FUD, speculates on next big crypto trend in new interview

Binance CEO Changpeng Zhao commented on the state of the crypto industry and market during an interview with Bankless on May 29.

Zhao dispels FUD

First, Zhao discussed recent controversies around his company. Binance has recently attempted to refute reports from Forbes, the Financial Times, and Reuters concerning matters such as its alleged misuse of funds and supposed ties to China.

Zhao suggested that mainstream news sources tend to cover cryptocurrency negatively and that Binance specifically attracts FUD because of its large size. He said:

“If you write a negative article about a smaller exchange nobody cares … but if … you put Binance’s name in the title, and hopefully something negative, people click more.”

Zhao also posited that his ethnicity makes him a target. Zhao, though born in China, is a Canadian citizen. Though Binance itself was founded in China, it no longer operates in the country due to regulations and insists it has relocated Chinese staff.

Zhao said that Binance aims to be transparent “as transparent as possible” in spite of FUD and said that Binance currently provides proof-of-reserve reports.

He acknowledged that there are limits to transparency. He argued that if Binance were to disclose all of its own wallet addresses, it would reveal Binance’s vendors and partners, thereby compromising privacy and security and affecting competition.

CZ on global regulations

Zhao said that Binance engages with global regulations. He once again said that regulators put Binance “under the microscope” to a greater degree because of its size.

However, he also suggested that the crypto sector is becoming less competitive and more cooperative when it comes to regulations. He said that companies like Coinbase and Kraken are working together with regulators, and he said that collective engagement can redistribute Binance’s need to engage with regulators to other companies.

More broadly, Zhao said that the Middle East and E

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Author: Mike Dalton

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