CZ discusses FUD, rumors, and more in latest Twitter Space CZ discusses FUD, rumors, and more in latest Twitter Space
Binance CEO, CZ answers questions in latest Twitter space, denies rumors, and advises against withdrawing funds from exchanges.
2 min read
Updated: Aug. 21, 2023 at 2:34 pm UTC
Web Summit / CC BY 2.0 / Flickr. Remixed by CryptoSlate
Changpeng Zhao (CZ) addressed a number of concerns in the latest Twitter space surrounding the potential impact of regulatory compliance policies on the adoption and development of the web3 economy, particularly in Africa.
Adoption and regulatory clarity
CZ suggested that regulatory clarity can make adoption easier and highlighted the potential for faster adoption of technology in regions with a strong need for it.
“I think this technology will be adopted faster in those regions because of the strong need for it.”
CZ also addressed rumors and misinformation (FUD) about Binance, stating that the company holds user assets on a 1-to-1 basis, and that building is the best way to combat FUD.
“We hold crypto reserves and cash reserves 1-to-1. We hold user asset reserves 1-to-1. There’s no amount of FUD; there’s no amount of withdrawals that will put us under pressure.”
Customer Support
CZ emphasized the importance of providing good service to Binance’s users. He mentioned that the company uses an AI bot to handle most inquiries, which is able to resolve 75% of them without human intervention.
“Customer services is super super important. […] Improving customer support is not easy. It just takes time.”
DeFi
When asked about decentralized finance (DeFi), CZ mentioned that Binance has licenses in 15 countries around the world, including France, Bahrain, and Abu Dhabi. He also stated that the US offers the best banking support for crypto businesses.
NFTs
CZ also discussed the current state of the NFT market, stating that he believes it is still very early. He did not provide any information on Binance’s plans for NFTs in the near term.
Rumors/Accusations
In response to recent rumors and accusations against Binance, CZ denied them and stated that the company has a strong compliance team. Though he promoted the freedom to withdraw:
“People wanna withdraw their funds from Binance, great, they can do that, it’s their freedom.”
CZ also advised against withdrawing funds from exchanges, as people are more likely to lose money when holding it on their own.
“I cannot encourage people to withdraw from exchanges […] I think more people lose their money when holding it on their own.”
Plans for the road ahead
In terms of Binance’s plans for 2023, CZ said that he does not have any big ambitions, and simply wants to ensure that the company’s platforms are solid. He also addressed the issue of people and organizations with an agenda against Binance, stating that he does not know why they have one but believes it may be because they lost a source of revenue due to the FTX collapse.
“There’s FUD everywhere, you know, The Block – which we now understand is pretty much owned by SBF – writes a lot of negative articles about Binance. That’s ok though […] it actually makes us more resilient.”
Mentioned in this article
Author 
Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
