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Changpeng Zhao – the CEO of the cryptocurrency exchange Binance – asserts that his organization has developed “a tight team” in part due to the “Fear, Uncertainty, Doubt” (FUD) that frequently surrounds it.
The company has been addressing regulatory challenges with the US Securities and Exchange Commission (SEC), the Department of Justice (DOJ), and other regulatory bodies over the years. CEO Zhao has consistently stated that Binance collaborates with regulators, while some media sources have inaccurately reported negative information about the exchange.
‘Fighting in the Trenches’
In a recent post on Twitter, Changpeng Zhao (commonly referred to as CZ in the crypto community) articulated that the external pressures and FUD impacting Binance are significant contributors to the formation of a “strong/tight team.”
“It’s not fancy team building dinners, outings, etc. It’s not the coaching exercises, mentors, or magical shrinks. It’s not the rah-rah speeches of inspirational leaders. All of the above helps but fades over time, but the secret is just … some external pressure.”
Changpeng Zhao (CZ), Source: The Guardian
The CEO stated that his team is “constantly in the trenches together,” which has fostered “reliance, alliance, resilience and most importantly trust” among its members. Furthermore, this struggle has brought the Binance community closer, enhancing their support for the exchange.
“This, in turn, makes us more determined to drive towards our mission, to increase the freedom of money for people all around the world,” he added.
Despite the ongoing challenges, Binance (which celebrated its sixth anniversary earlier this month) continues to be the largest cryptocurrency exchange globally. Its market share in spot trading was nearly 56% (as of June), while its competitors Coinbase and OKX accounted for less than 7%.
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Some of the Charges
Modern Media Company Limited (which manages content for Bloomberg in Hong Kong) depicted CZ as the head of a Ponzi scheme last summer. The allegations included money-laundering accusations and potential links to the Dark Web and North Korean hackers.
Zhao criticized Bloomberg as “unprofessional,” contesting their narrative. He went further by filing a defamation lawsuit against the media organization.
Reuters has also targeted Binance, reporting that Israeli authorities confiscated around 190 cryptocurrency accounts from the platform in 2021. The news agency indicated that some of these addresses were associated with terrorist organizations – Hamas and Islamic State.
The exchange asserted that a specific reporter from the agency has been “deliberately leaving out critical facts” to portray Binance negatively.
The recent conflicts with the US SEC and the DOJ are also notable. The regulator initiated a lawsuit against Binance in June, alleging violations of multiple regulations and the provision of trading services involving unregistered securities such as BNB and BUSD. The DOJ has targeted Zhao, suggesting he may have been involved in money-laundering activities.
The latest allegations coincided with the exit of several Binance executives. However, Zhao stated that the reasons were not those “dreamed up by the ‘news.’”
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