FUD and External Pressure Unites the Binance Community, CZ Claims
Changpeng Zhao – CEO of crypto exchange Binance – believes his company has formed “a tight team” partly due to the “Fear, Uncertainty, Doubt” (FUD) that surrounds it on a regular basis.
The firm has been coping with regulatory issues with the US Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and other watchdogs over the years. CEO Zhao has been constant in his statements, claiming Binance cooperates with regulators, whereas some media outlets have wrongly reported negative news about the marketplace.
‘Fighting in the Trenches’
In one of his most recent Twitter posts, Changpeng Zhao (known in the crypto community as CZ) explained that the external pressure and FUD that have been hitting Binance are key factors that formed a “strong/tight team.”
“It’s not fancy team building dinners, outings, etc. It’s not the coaching exercises, mentors, or magical shrinks. It’s not the rah-rah speeches of inspirational leaders. All of the above helps but fades over time, but the secret is just … some external pressure.”
The CEO claimed his team is “constantly in the trenches together,” which has built “reliance, alliance, resilience and most importantly trust” between the members. In addition, that struggle has united the Binance community, making them support the exchange even more.
“This, in turn, makes us more determined to drive towards our mission, to increase the freedom of money for people all around the world,” he added.
Despite the regular attacks, Binance (which turned six years this earlier this month) remains the world’s largest cryptocurrency exchange. Its market share in spot trading stood at almost 56% (in June), whereas its rivals Coinbase and OKX marked less than 7%.
Some of the Charges
Modern Media Company Limited (an organization that manages content for Bloomberg in Hong Kong) portrayed CZ as the leader of a Ponzi scheme last summer. The bashing manifest included money-laundering charges and possible connections with the Dark Web and North Korean hackers.
Zhao called Bloomberg “unprofessional,” disagreeing with their story. He went even further, suing the media outlet for defamation.
Reuters has also fired shots at Binance, claiming the authorities of Israel have confiscated approximately 190 cryptocurrency accounts from the platform in 2021. According to the news agency, some of the addresses were tied to the terrorist groups – Hamas and Islamic State.
The exchange maintained that a certain reporter from the media outlet has been “deliberately leaving out critical facts” to present Binance in a bad light.
The recent disputes with the US SEC and the DOJ are also worth mentioning. The regulator filed a lawsuit against Binance in June, accusing it of violating several rules and offering trading services with unregistered securities such as BNB and BUSD. The DOJ targeted Zhao, claiming he might have been involved in money-laundering operations.
The latest accusation coincided with the departure of some Binance executives. Nonetheless, Zhao said the reasons were not the ones “dreamed up by the ‘news.'”
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