Binance CEO Provides 7 Reasons Why People FUD About The Exchange

Key Points:

• Changpeng Zhao provided seven non-exhaustive reasons for the recent FUD of Binance.
• Binance intends to create a thriving community of developers and coders in India.

Binance CEO Changpeng Zhao (CZ) was addressing the “FUD” (fear, uncertainty, and doubt) that has surrounded the world’s largest cryptocurrency exchange by providing seven “non-exhaustive” reasons why he believes people prefer to propagate FUD about Binance.

In a lengthy thread on Twitter, CZ lists seven “non-exhaustive” reasons why.

1. Some in the crypto industry hate centralization. Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX;
2. Some lose money on trading or experience other issues and may blame and attack Binance;
3. Some industry players view Binance as a competitor and occasionally try to throw shade on the exchange in an attempt to knock them down a notch. Some media gets paid to FUD Binance, which is entirely owned by a competitor;
4. Crypto has not reached mass adoption yet, probably less than 5% globally. Many people are still skeptical about crypto. Some media have readerships that are more traditional and will tend to align with their views as the same goes for politicians and policymakers;
5. People like to spread Binance FUD simply because of generalizations that group the exchange with other failed centralized firms like FTX;
6. There may be a tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians;
7. The sheer size of Binance. Writing about “Binance” gets more clicks than the other smaller exchange.

Despite the recent FUD, on December 24, Coincu reported that Binance’s Chief Technology Officer Rohit Wad revealed in an interview with Businessline that Binance has been paying close attention to the Indian blockchain ecosystem.

India is seen as a hub of Web3 innovation, Binance’s main objective would be to create a thriving community of developers and coders interested in learning more about decentralized technologies, and Mumbai is one of the cities where the company plans to recruit talent.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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