Losing 90% of users over the implementation of KYC looks significant and concerning. Changpeng Zhao (CZ), the CEO of the exchange went on to call out other media outlets for misquoting Gambaryan.
CZ denies rumors of losing 90% of users
Yesterday, in his tweet CZ denied rumors that Binance has lost 90% of its users after implementing KYC. He believes that this is just a form of “view sentence” of the media, it is always attractive to readers.
“It’s a complete mis-quote. Look at the numbers…But the fact is, this type of headlines sell more clicks… Sad, but true.”He said
Additionally, the compliance officers of Binance spoke about CZ and his cooperation with them. Chagri Poyraz pointed out how the CEO would never “do the wrong thing”. Gambaryan further noted how Binance was a small company and it grew to become a massive platform in the crypto-verse.
“I can’t defend anything that happened before. We are here to fix those issues. I know for a fact that CZ has made decisions that have cost [Binance] a ton of money. We out-platformed accounts that had millions of users on them because of those risk-based decisions. Because it was the right thing to do. It cost billions of dollars, but he did it.”Chagri Poyraz said
Binance, the world’s largest cryptocurrency exchange garnered immense support following Reuters’ article. Several noted how CZ had been trying to do everything to be compliant with regulations. The compliance officers that Binance hired previously served the IRS. Poyraz formerly an HSBC sanctions expert seconded this.
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