CZ explains why people FUD about Binance and assures it is safe

CZ writes a long Twitter thread explaining Binance is safe as of now and why people spreading FUD

Galvin Yu

• Updated: Monday, December 26, 2022, 17:51

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CZ writes a long Twitter thread explaining Binance is safe as of now and why people spreading FUD.

CZ tells some are against Binance and constantly spreading FUD with baseless allegations and some are spreading hatred because they faced issues from their end which can be resolved simply using Customer Support.

Here is what he said about the FUD and the reasons for it.

1. Some in our industry hate centralization. Regardless if a CEX helps with crypto adoption at a faster rate, they just hate CEX. Everyone is allowed to hold their views and voice their opinions. Nothing wrong with that.
2. Some lose money on trading or experience other issues may blame and attack us. Not all cases have black-and-white right-or-wrongs.eg, a user who can’t access Binance for a while because his own router had issues may be hard to diagnose or prove, even though no one else had problems during that time and our system monitoring shows no queues, no overload on traffic, and no spike in CS cases.
3. Some industry players view @Binance@Binance as competition. We have seen some go to extraordinary lengths to lobby against us, or loaning sums of money to small media that’s worth many times the media outlet's market value, including buying their CEOs houses, etc.
4. Per above, some media gets paid to FUD us. Some are entirely “owned” by a "competitor". Some may wrongly think that we cut off their funding sources (we didn’t, they failed on their own), and blame us, regardless of how illegitimate their funding sources may have been.
5. Crypto have 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. Nothing wrong with that.
6. Same goes for politicians, policy makers, etc. Not all of them are cutting-edge progressive. Being conservative is not wrong. I have met leaders who want to “protect” their banks instead of “disrupting” them with crypto. I personally hold the opposite view, of course. I think the best way to protect banks from disruption is to let them adopt blockchain technologies as early as possible. Again, I could be wrong here.
7. And then there are generalizations. “If one CEX is bad, then all other CEXs must be bad too.” Especially if they liked a CEX before, who later turned out to be bad. Then, they must hate the other CEXs with a stronger vengeance.
8. There may be a tiny number of people who are jealous, or just plain racist against Chinese-looking Canadians. Who knows? We don’t care.
9. Size. Writing about "Binance" gets you more clicks. If you write about a small exchange, you get less clicks. Size has pros and cons.

This article was originally published on: Dec 26, 2022 at 05:51 PM

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