July 10, 2023 at 16:25 GMTModified date: July 10, 2023 at 16:27 GMT
July 10, 2023 at 16:25 GMT

CZ: Binance “has a tight team”, plays down FUD

Binance’s CZ’ has come forward to reassure Binance users that all is well amidst multiple FUDs and mounting pressure from regulators…

Binance. Pic: Unsplash

Changpeng ‘CZ’ Zhao, CEO of the largest crypto exchange in the world, has come forward to reassure Binance users that all is well amidst multiple FUDs and mounting pressure from regulators.

Lately, several executives holding top positions in the company decided to step down. Reportedly, dozens of staff members have also been laid off recently. On the other hand, the exchange has also been struggling with the ongoing pressure from the Department of Justice’s (DOJ) investigation.

In this background, CZ Zhao took to Twitter on Monday, 10 July, to respond to the questions that targeted Binance over its internal strife amidst regulatory pressures. The CEO claims that the mounting external pressure is just strengthening the company’s team. He then reassured his community by saying: “…I believe this is one of the big reasons @Binance has such a tight team. We have always had external pressure, FUD, etc. As a result, we are constantly in the trenches together. It also unites our community behind us, making them/you support us even more.”

According to him, it is this pressure that drives Binance towards its mission, i.e., to “increase the freedom of money for people all around the world”. He then explained how external pressure was the secret behind building a “tight and strong team” internally.

For this, he drew parallels with aliens attacking Earth, saying: “Imagine if there are aliens “visiting” Earth now, all the issues between the US and China would disappear in a heartbeat. Make sense?”

While the DOJ’s investigation reportedly relates to money laundering and Binance’s US sanctions violations, the exchange also faces multiple regulatory lawsuits at the hands of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

However, while highlighting the existence of a strong internal team, CZ also stated that he was focused on the collaboration and cooperation that creates trust externally.