Binance CEO Offers Seven Explanations for the Exchange's Negative Press

Key Ideas:

• Changpeng Zhao offered seven illustrative but not all-inclusive explanations for Binance's recent FUD.
• Binance wants to establish a strong developer and programmer community in India.

In response to the "FUD" (fear, uncertainty, and doubt) that has surrounding the largest cryptocurrency exchange in the world, Binance CEO Changpeng Zhao (CZ) listed seven "non-exhaustive" reasons why he thinks individuals prefer to spread FUD about Binance.

In a lengthy Twitter exchange, CZ provides seven "non-exhaustive" justifications.

1. Some people in the crypto sector despise centralization. They simply despise CEX, regardless of whether it accelerates the acceptance of cryptocurrencies;
2. Some may blame and criticize Binance if they incur trading losses or other problems;
3. Some professionals in the market see Binance as a rival and occasionally try to discredit the exchange in an effort to bring them down a notch. Several media outlets are paid to discredit Binance, which is wholly owned by a rival;
4. Less than 5% of people worldwide possibly use cryptocurrency. Many people still have doubts about cryptocurrencies. Like politicians and policymakers, certain media outlets have more traditional readerships who prefer to share their viewpoints;
5. People enjoy spreading false information about Binance due to broad generalizations that compare the exchange to other defunct centralized businesses like FTX;
6. There may be a small minority of persons who are envious of or outright racist toward Canadians who appear Chinese;
7. The size of Binance overall More clicks are generated by writing about "Binance" than the other, more modest exchange.

Despite the recent FUD, Binance's Chief Technology Officer Rohit Wad stated in an interview with Businessline on December 24 that the company has been closely monitoring the Indian blockchain industry.

Binance's primary goal is to establish a healthy community of engineers and coders curious about learning more about decentralized technologies. Mumbai is one of the areas where the business plans to hire talent. India is regarded as a powerhouse of Web3 innovation.