Binance Faces FUD for Proof of Reserves, CZ Defends on Twitter

Binance is in the FUD hot seat and CZ is hitting back.

Binance CEO Fights Through FUD

Binance, the largest crypto exchange in the world, is facing a number of public accusations that are causing “fear, uncertainty, and doubt” (FUD) about several areas of the company.

The company has faced several headlines in recent weeks, with some remarkable pieces of attention on December 11-12 alone.

CZ explained the recent account stalls for many users over Dec. 11.

In just this past week, the crypto company has also faced more negative attention.

Notably, Kraken CEO Jesse Powell continued the CEX Wars through several tweets on December 8. Powell highlighted several red flags in Binance’s recent Proof of Reserve audit by Mazars.

Former Chief of the SEC Internet Enforcement Office, John Reed Stark, has also used his platform lately to spread FUD about Binance’s Proof of Reserves and opaque leadership.+

Binance’s CEO Changpeng Zhao (CZ) has taken to Twitter to calm users and investors publicly. Just two days removed from getting defensive with Kevin O’Leary, Binance had to hit back at money laundering FUD from Reuters.

Others also called into question the original story that started the FUD.

CZ ultimately followed with encouragement to fight through and “keep building.”

Overall the FUD against Binance feels strong and real. Questions still remain about the company’s liabilities and whether or not they failed a recent audit. CZ also monarchically revoked access for a single person for some tweets.

It was hard to imagine that FTX was insolvent. It’s hard to imagine the same for Binance. The institutions are certainly out for crypto and Binance at this time. CZ and Binance are right to be on the defensive but must back it up by walking the walk with their reserves talk.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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