The CEO of Binance, the world’s biggest cryptocurrency exchange, recently shared his opinion about the current rumors surrounding Binance.
He talked about the adoption of the ‘POR protocol. He also spoke about the current criticism of the SEC and other regulators about Binance’s POR audit.
Changpeng Zhao further said that he is aware of why there have recently been false rumors about exchanges and why these rumors are making such noise.
Zaho’s post was very detailed and consist of nine points. He shared a total of nine reasons behind the current FUD about Binance.
Changpeng Zaho Has Given the Following Reasons Fueling the Current Rumours
- Personal Bias Is the Biggest Reason
Zhao said that first and foremost, those against centralized platforms and especially against Binance will spread all sorts of false rumors.
He also said that although Binance has been in the front row and taking initiatives for crypto revival and new adoptions, these critics will never appreciate that.
Some people simply don’t like centralized exchanges and will never be able to digest that centralized crypto platforms are the best for the industry.
- People Are Not Fully Aware
Zhao also raised a valid point by saying that as the popularity of crypto increased, many people joined the community. But sadly, most of them need to be made aware of cryptocurrency trading.
They start blaming the exchange when they lose their money or face difficulties. It is humanly not possible that when you lose, there are some exchange issues, and when you are bagging hefty profits, Binance is the best thing in the industry.
Moreover, he also added that everything doesn’t need to be black and white. Sometimes a thing can also be gray.
- Intense Market Competition and Lobby against Binance is Another Reason
The billionaire has also said that the cryptocurrency market has become immensely competitive.
Over all these years, Binance has faced all the difficulties and remained competitive without creating any lobby against any other platform.
But those unable to compete against Binance do all sorts of lobbying and spread false rumors. But despite all these efforts, the exchange has remained at the top of the list.
He accused the ex-CEO of FTX of hiring a specific group of people on the agenda to malign Binance.
However, Binance, on the other hand, is still leading the way for cryptocurrency to revive.
Moreover, the CEO of Binance also accused some of the traditional media outlets, some conventional politicians, and regulators. He said these people are on a mission to save the traditional market as their interests align with those markets.
That is why they try to capitalize on every dirty trick available in the book.
Moreover, he added that if you want to save the traditional currency from the crypto, there are so many ways you can do that.
You do not need to spread hate and lies and create FUD against cryptocurrency institutions.
While defending the adoption of POR, he said those criticizing such initiatives do not understand how the digital money market operates.
In addition, Zhao said that soon Binance will share real data about its financial activities, and all the details of exchanges assets and liabilities will be shared. This is the perfect way to put all these FUD and false accusations to bed.
Moreover, the CEO of Binance also urged that it is time for banks and stock markets to adopt blockchain technologies and try to go digital to stay protected against further disruption.
Changpeng Zhao further added why transparency is only subjected to digital assets. The answer is very similar. It has been propagated by some paid media outlets.
However, the broader picture shows that the fiat and stock market is more prone to fraud and cybercrimes. He concluded that digital currency is much more protected and transparent than the traditional money market.