Friday, June 14, 2024

CZ discusses FUD, rumors, and extra in newest Twitter House

by Jeremy

Changpeng Zhao (CZ) addressed various considerations within the newest Twitter house surrounding the potential influence of regulatory compliance insurance policies on the adoption and growth of the web3 economic system, significantly in Africa.

Adoption and regulatory readability

CZ instructed that regulatory readability could make adoption simpler and highlighted the potential for sooner adoption of know-how in areas with a powerful want for it.

“I believe this know-how shall be adopted sooner in these areas due to the robust want for it.”

CZ additionally addressed rumors and misinformation (FUD) about Binance, stating that the corporate holds person belongings on a 1-to-1 foundation, and that constructing is one of the simplest ways to fight FUD.

“We maintain crypto reserves and money reserves 1-to-1. We maintain person asset reserves 1-to-1. There’s no quantity of FUD; there’s no quantity of withdrawals that may put us below strain.”

Buyer Help

CZ emphasised the significance of offering good service to Binance’s customers. He talked about that the corporate makes use of an AI bot to deal with most inquiries, which is ready to resolve 75% of them with out human intervention.

“Buyer providers is tremendous tremendous necessary. […] Enhancing buyer help will not be simple. It simply takes time.”


When requested about decentralized finance (DeFi), CZ talked about that Binance has licenses in 15 international locations around the globe, together with France, Bahrain, and Abu Dhabi. He additionally said that the US gives the very best banking help for crypto companies.


CZ additionally mentioned the present state of the NFT market, stating that he believes it’s nonetheless very early. He didn’t present any info on Binance’s plans for NFTs within the close to time period.


In response to latest rumors and accusations towards Binance, CZ denied them and said that the corporate has a powerful compliance workforce. Although he promoted the liberty to withdraw:

“Individuals wanna withdraw their funds from Binance, nice, they’ll do this, it’s their freedom.”

CZ additionally suggested towards withdrawing funds from exchanges, as individuals are extra prone to lose cash when holding it on their very own.

“I can not encourage folks to withdraw from exchanges […] I believe extra folks lose their cash when holding it on their very own.”

Plans for the highway forward

By way of Binance’s plans for 2023, CZ stated that he doesn’t have any massive ambitions, and easily needs to make sure that the corporate’s platforms are stable. He additionally addressed the problem of individuals and organizations with an agenda towards Binance, stating that he doesn’t know why they’ve one however believes it might be as a result of they misplaced a income because of the FTX collapse.

“There’s FUD in every single place, you already know, The Block – which we now perceive is just about owned by SBF – writes lots of detrimental articles about Binance. That’s okay although […] it really makes us extra resilient.”

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