They Want To Destroy Binance After FTX

Thomas Seattle
Thomas Seattle Finance
3 Min Read

The CEO of Binance, Changpeng Zhao, gave a new response to the allegations made by Forbes, one of the most influential financial media organizations. CZ said in a statement, “They want to associate us with FTX. They are trying to spread that message,” he said. CZ participated in a question-and-answer session to remove statements about Forbes, one of the most influential financial media organizations in the U.S., in which Binance invested $200 million last year. 

CZ attacked Forbes’ claims that Binance moved $1.8 billion in collateral without warning its customers, claiming Forbes was trying to spread fear, uncertainty and doubt (FUD) about him.

“So they’re trying to create the impression that Binance and FTX are headed for the same end. That is absolutely not true,” he said. 

There Are Some Untrue Allegations About Binance

I pay relatively little attention to the disinformation being spread about us. Forbes has published another FUD report with several damaging claims. The article, which contains deliberately misleading information, also lists previous blockchain transactions by our clients.

they want to destroy binance after ftx

No Deposits Were Made

They talk about Tron, Amber Group and Alameda Research, but don’t understand how an exchange works…. Our customers can withdraw their money when and how they want. But before they can withdraw money, consumers must make a deposit. The blockchain can also be used to track deposits. Unfortunately, the wording of the message does not mention deposits. He made a statement in the form. CZ also emphasized in the Q&A session that Binance and the ecosystem it created want to scare people off with some proof.

They Want To Lump Us In With FTX

Even the title of the news tries to put us in the same category as FTX. But we are different. We have proven ourselves over time. In December, our users pulled out billions of dollars. I was traveling with friends in Dubai at the time, and on Vitalik’s advice, we had Proof of Reserve and Zero-Knowledge Proof with us. Our top priority was to protect the security and privacy of our users.

Binance Founder CZ: Being Asian Was The Biggest Problem For Them

Binance always maintains a 1:1 ratio of user funds. However, they once again emphasized that I was of Chinese origin. As if that is of any critical importance. Forbes continues to disappoint me because they publish Fake News. They are becoming less and less credible. He said

However, CZ’s evasive answers to some questions have not gone unnoticed. Although many people agree with CZ at the moment, many people in the US believe that such markets should be reviewed frequently. 

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I graduated from Lancaster University and currently working in the financial services industry. I’m a goal-driven journalist who tracks down personal and corporate finance stories and delivers on deadline and a reporter/editor with extensive experience in newspapers, magazines and the internet in public and private markets, equity and debt, M&A, banking, fintech areas.
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