Binance’s CEO CZ Challenges Forbes’ Accusations Through Social Media

02/28/2023 07:28 • Digital Disruptors • 88 views

It is reported that CZ, the chief executive of Binance, said on social media that many of Forbes’ accusatory questions are negative and deliberately distort the facts. They mentioned some old blockchain transactions completed by our customers. They do not seem to understand the basic knowledge of the operation of the exchange. Our users can freely extract assets at any time. Their withdrawal turned into “hundreds of millions of transferred collateral”.

CZ: Forbes deliberately misinterpreted the facts and called user withdrawal “transfer collateral”

Analysis based on this information:

Recently, a report emerged that CZ, the chief executive of Binance, responded to Forbes’ accusations against the exchange through his social media account. CZ criticized the negative tone of the articles and called out the distortions of facts. Forbes had mentioned old blockchain transactions completed by Binance customers and turned their withdrawals into “hundreds of millions of transferred collateral.” According to CZ, these allegations suggest that Forbes does not have a grasp of the basic operation of an exchange.

CZ also pointed out that the exchange’s users are free to withdraw their assets anytime they want. Thus, any withdrawal could not be categorized as a “transferred collateral.” This argument seems to challenge Forbes’ insinuation that Binance was involved in illegal activities that involved the movement of assets between accounts to escape AML and KYC regulations. These types of accusations can be harmful to an exchange’s reputation, and CZ’s response shows that Binance is taking them seriously.

CZ’s response to the Forbes allegations contains several different elements. Firstly, he argues that the Forbes journalists did not understand the basic operation of an exchange. Secondly, he highlights that the exchange allows users to withdraw their assets at any time, which contradicts Forbes’ claims of “transferred collateral.” Thirdly, he questions the credibility of Forbes’ accusations against Binance. CZ’s response shows that Binance is not only willing to challenge negative press against it, but also the fact that the exchange takes its reputation seriously.

To conclude, CZ’s response highlights the severity of Forbes’ allegations against Binance and challenges the credibility of the journalists who reported on them. CZ’s response shows that the exchange is willing to defend itself against negative press, and that it takes its reputation seriously. As more scrutiny is placed on cryptocurrency exchanges, it is important for them to operate transparently and stay on the right side of regulatory law.

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Binance’s CEO CZ Challenges Forbes’ Accusations Through Social Media

CZ: Forbes deliberately misinterpreted the facts and called user withdrawal “transfer collateral”

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