The head of Binance named 7 reasons why people spread bad rumors around the exchange

Changpeng Zhao, CEO of the largest cryptocurrency exchange Binance, is tired of the many people around his company and the media spreading various negative conversations.

Maybe some of them can be called true, but Zhao shared his assumptions as to why Binance is gathering so much negative attention around itself.

He listed seven reasons that underlie people's desire to discuss the Hong Kong stock exchange. The first of them is a simple hatred of cryptocurrency platforms and the industry as a whole. It may even be unrelated to recent events and losses suffered by crypto enthusiasts.

The second reason that the head of Binance named is the collapse of FTX and the general distrust of people in the digital asset industry. Due to the fact that people have lost a lot of funds, they now tend to cast the Hong Kong stock exchange in a negative light.

As the third reason, Changpeng Zhao cited the desire of competitors to weaken Binance's influence in the world of cryptocurrencies in order to get a bigger piece of the pie. According to the head of the largest exchange, his competitors can pay various media outlets to cover Binance in a negative light.

The next reason for spreading negative rumors about Binance according to Changpeng Zhao is related to what was said in the previous paragraph. The sheer scale of Binance not only allows it to have exchange haters, but also resonates with the other half of the cryptocurrency community supporting the Hong Kong exchange. Because of this, the media loves to talk about this topic and cast a shadow on Changpeng Zhao's company. He commented on it as follows:

When you post about Binance, you get more clicks. If you write about a small exchange, you get fewer clicks... It's just the way our world works. We just need to recognize and understand it.

The fifth reason that, according to Changpeng, makes people cast a shadow on the Hong Kong broker is the conservative views of people who have not yet been able to accept the culture of cryptocurrencies and understand how the digital asset industry works.

The sixth reason is the generalization of the exchange with other platforms that have failed. Due to the fact that people are not fully aware of what is happening, they attribute things to Binance that may not belong to them.

The last reason in line was the presence of possible factors of envy or racism. Notably, US Senator Bill Hagerty and other officials recently credited Binance with supporting the Chinese Communists. No evidence of this was found. Changpeng Zhao, by the way, although originally from China, still lives in Canada for a long time.

After FTX filed for bankruptcy and filed for bankruptcy and other companies went under, Binance decided to try to win back the trust of their customers. To do this, they asked the Mazars company to audit the availability of reserve funds, which will be enough to cover client money in case of force majeure.

The audit showed that Binance has 101% reserve money from client funds. At the same time, experts drew attention to the dubious approach to the audit, and the Hong Kong stock exchange confirmed that, to some extent, it can be called such. This caused a storm of discussions and bad rumors around Binance.