Referring to what he calls the "FUD" (fear, uncertainty, and doubt), Binance CEO Changpeng Zhao (CZ) is speaking out. Binance is the biggest crypto exchange in the world. People, according to CZ, like to spread FUD regarding Binance for several reasons, seven of which he mentions in a lengthy thread (1) on Twitter and calls "non-exhaustive."
CZ begins his post by stating (2) that many people in the crypto currency space have an irrational aversion to all centralized enterprises, regardless of whether the company in question are exchanges or other sorts of businesses.
Second, according to CZ, many individuals have lost money in crypto currency for whatever reason, and these people are pointing their fingers at prominent corporations such as Binance.
'Some go to Extraordinary Lengths to Lobby Against us'
Thirdly, CZ claims that certain entities within the industry consider Binance a competitor and that these entities would on occasion try to cast negative light on the exchange to bring them down a peg.
"Some industry players view Binance as competition. We have seen some go to extraordinary lengths to lobby against us, or loaning sums of money to small media that's worth many times the media outlet's market value, including buying their CEOs houses, etc."
As was mentioned above, certain outlets in the media are financially motivated to spread fear and uncertainty among us. Some of them are completely "owned" by another "competitor."
"Per above, some media gets paid to FUD us. Some are entirely "owned" by a "competitor". Some may wrongly think that we cut off their funding sources (we didn't, they failed on their own), and blame us, regardless of how illegitimate their funding sources may have been."
The fourth factor that CZ identifies is that a significant portion of the consumer base for mass media and legislative members may hold traditional or conservative values and be naturally distrustful of Bitcoin.
"Crypto have not reached mass adoption yet, probably less than 5% globally. Many people are still skeptical about crypto. Some media have readerships that are more traditional, and will tend to align with their views. Nothing wrong with that."
The same may be said for political figures, policymakers, etc. Some of them are not progressive or cutting-edge. Being cautious is not necessarily a bad thing. I have talked to political figures more interested in "protecting" their banks than "disrupting" them with crypt ocurrency.
The fifth reason, per CZ, people want to propagate false information about Binance is that generalizations link the exchange with other unsuccessful centralized corporations like FTX.
'Racism Against Chinese Looking Canadians'
The sixth cause could be an act of unadulterated prejudice or jealousy. In history, government agencies, such as Senator Bill Hagerty of the United States of America, have claimed (3) that the communist Chinese are behind Binance, even though there is no proof to support this claim other than the fact that CZ is of Chinese ancestry.
According to CZ, the Sixth factor (4) is that the sheer magnitude of Binance incentivizes the media and others with a platform to write about the exchange continually. He claims this is the case since Binance has so many users.
"Size. Writing about 'Binance' gets you more clicks. If you write about a small exchange, you get less clicks. Size has pros and cons. Most of the above have no absolute right or wrongs. It's just how our world is. We only need to recognize and understand it. We are not perfect. We welcome feedback, but ignore FUD. We focus on building our own products with your support."