The creator and CEO of the biggest cryptocurrency platform in the world, Binance, Changpeng Zhao, has identified a few plausible reasons why people fear, uncertainty, and doubt about Binance. First, some crypto enthusiasts dislike centralization. They hate CEX, even if it boosts cryptocurrency adoption. As a CEX, Binance gets FUDed.
People may blame and attack CZ if they lose money trading or have other difficulties. There aren’t always good and incorrect responses. A user who can’t access Binance due to his router may blame the exchange. Third, some in the crypto industry consider Binance as a competition and have opposed it. CZ said some are recruiting individuals to lobby against the exchange.
Fourth, many media sources are paid to disparage Binance, and others are controlled by rivals. Some may feel Binance shut off their illicit financing sources and blame Binance. However, Binance did not cut off its funding.
Less than 5% of individuals utilize cryptocurrency. CZ says many distrust cryptocurrency. Some media have traditional readers whose views they share. They spread FUD about crypto to keep their audience in the norm. The same goes for politicians, he noted. They’re not all progressives. But some want to “protect” their banks against cryptocurrency.
In addition, he said that many individuals in our culture accept broad generalizations as truth. CZ notes that broad statements might also be made. When someone likes a CEX who turns out to be dreadful, they may conclude that all CEXs are bad because of that one rotten apple.
CZ claims that racism is also at play in this rumor since there are likely many individuals who are envious of him due to his race and background. And he has made it quite apparent that the company does not care about the bigotry he has faced because of his Chinese background and Canadian citizenship.
Finally, he said that size and strength is significant in attracting attention. Most people talk poorly about Binance because they know it will get them more traffic than an article about a smaller exchange.
