Binance has faced a series of negative news reports in recent weeks. However, the cryptocurrency exchange’s leader, Changpeng Zhao, known as CZ, used social media to assure the community that the reports were just fear, uncertainty, and doubt (FUD). Despite the departure of some top executives, CZ said Binance likely has “the lowest founding team turnover of any tech startup of our size and age, in the world.”
Binance’s CZ Refutes Negative Buzz
Binance CEO Changpeng Zhao, known as CZ, addressed concerns raised by recent “FUD” headlines, assuring the community that everything is under control. Binance faces legal challenges from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Moreover, several top executives have reportedly departed the company in recent weeks.
“Saw some debates in the community,” CZ said on Thursday. “When you do the right thing, and there is FUD, you don’t have to do anything. The community defends you. Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, [the] closing of fiat channels, product wind downs, employee turnover, exit markets, etc.”
The Binance CEO added:
Guess what we don’t have? No liquidity issues. All withdrawals (and deposits) are properly handled. All customer funds are SAFU, and 100% reserved. There are also: won court cases, bank run handled and then record deposits, new fiat channels, smooth sunsetting of old products and launching of new products, new hires, [and] new markets.
CZ also noted his belief that Binance likely boasts “the lowest founding team turnover of any tech startup of our size and age, in the world.” The Binance chief executive stated that the firm will continue to “build” while dealing with the FUD. He also shared a Mark Twain quote and said, “Whenever you find yourself on the side of the majority, it is time to pause and reflect.”
What do you think about CZ’s statements regarding the negative buzz surrounding Binance? Share your thoughts and opinions about this subject in the comments section below.