- Changpeng Zhao, Binance CEO, commented on FUD questions and ensured the stability of Binance’s financial situation.
- Zhao emphasized the difference between Binance and FTX.
- FUD gave Binance the opportunity to prove itself, according to Zhao.
Binance CEO Changpeng Zhao recently addressed various questions about Binance’s situation in a recent X (formerly Twitter) space. He responded to FUD (fear, uncertainty, and doubt) questions, and ensured the stability of Binance.
In the “Ask Me Anything” session, Zhao started by addressing FUD about Binance’s stability. He emphasized the fundamental difference between Binance and FTX, the bankrupt crypto exchange.
The CEO of Binance said, “We’ve proven many, many times that we’re not like FTX.” Moreover, he added that Binance follows a simple capital structure that is debt-free, and there’s no “commingling of user funds.”
The FUD allowed Binance to prove itself, according to Zhao. He added that the ongoing media and regulatory scrutiny hasn’t been easy; however, the company is in a much stronger position today than it was two years ago.
When asked about Binance’s position amid regulatory scrutiny, Zhao shared that they’re the market leader by a “very wide margin” and added that the company just crossed 150 million registered users.
Zhao further explained that the regulators are starting to accept and support crypto. He pointed out that the industry is witnessing positive developments in many countries, including the United Arab Emirates, China, Bahrain, Japan, and France.
Markets go in cycles, and crypto is under a lot of bearish pressure at the moment, according to Zhao. He commented on the FUD regarding BNB (Binance Coin) and certain levels it may hit and said that right now, the industry is in a bear cycle. Zhao shared that it’s hard to know when the best time is to start investing, but ideally, it wouldn’t be good to wait until the bull cycle starts, as the price is already high.
Zhao stated that, in the long term, he believes that crypto is stable. He said, “Crypto’s not going away; Bitcoin is not going away; other strong cryptocurrency projects are not going away.”