CZ clears up people's concerns about Binance

O how many crypto investors must be cursing the “annus horribilis” that is 2022. FTX. At the same time, the bear market is not helping the situation. The year has not yet come to an end as Binance’s instability has cast doubt on the crypto community. With tweets and blog articles, CZ and his team try to calm things down.

Binance hurricane appeased?

In mid-December, Binance underwent several tests:

  • Proof-of-Reserves audits;
  • Kraken’s doubts about the veracity of data from this expertise;
  • massive withdrawals of crypto assets on the platform valued at $1.9 billion in just 24 hours, $3.6 billion in 7 days;
  • the termination of its cooperation with the audit firm Mazars;
  • etc

However, the largest crypto exchange in the world was not affected by the FTX contagion. Some people, including SBF himself, believe that the fall of this American company would be a stab in the back perpetrated by Binance.

CZ very active on Twitter

The reasons for FUD on Binance, according to CZ

He is said to have had a $500 million stake in Elon Musk’s takeover of Twitter. CZ, who spends much of his time on Twitter to ease tensions, has compiled a list of 9 reasons investor concern about Binance. Here they are :

  • the repugnance for the Centralized Exchange (CEX)
  • the misadventures of traders causing loss of money: CoinMamba is an example;
  • the spirit of competition that would have pushed some crypto companies to engage in lobbying or other ill-considered acts;
  • accusations of budget cuts by the media, while they are owned by a competitor or have ” failed by themselves » ;
  • the low rate of adoption of cryptocurrencies, currently estimated at 5%;
  • the attitude of some politicians who ” want to ‘protect’ their banks instead of ‘disrupt’ them with cryptos » ;
  • generalizations around CEX; ” if one CEX is bad, then all other CEX must be bad too » ;
  • jealousy and racism;
  • the size of the exchange, to which we can associate advantages and disadvantages.

In conclusion, the CEO of Binance, the most popular crypto exchange in the world, wrote: “ We are not perfect. We welcome feedback, but ignore FUD. We focus on building our own products with your support “. A message of peace before this horrible year comes to an end and a 2023 arrives full of surprises, and why not a bull run.

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