CZ Hosts Surprise Twitter AMA
In an impromptu Twitter Spaces AMA on Jan. 24, Binance CEO Changpeng Zhao (CZ) fielded questions on a variety of topics, including advice on how to get listed on the Centralized Exchange (CEX), the best places in the world for crypto today, and how Binance is tackling FUD in 2023.
In 10 minutes, @cz_binance will be joining us for a surprise Twitter Space AMA— Binance (@binance) January 24, 2023
Have a question? Drop it in the replies below ⤵️ pic.twitter.com/9moBxuU3co
Nearly 23,000 users tuned in to the AMA, whose starting time of 10:15 a.m. UTC was geared more toward people in the Eastern Hemisphere.
How to Get Listed on Binance
In response to a question on if Binance adjusts its listing standards according to the state of the market, CZ said it doesn’t matter if it’s a bull or a bear if the project is a layer-1 or layer-2, or what blockchain the token is on.
In fact, he said Binance’s approach hasn’t changed much in the five years since he first posted “Binance Listing Tips” on LinkedIn.
While the Binance team can generally give a faster turnaround time on reviews of projects on BNB Chain, the top consideration when deciding on a listing is how many users a token has.
“The number one thing we look for is number of users. If the number of users for a project, for a coin is high, then we believer there is utility value,” CZ said. “Basically if a large number of users use a product, then there is a high chance there’s value. And also if they have a large number of users, there is usually very good liquidity.”
He went on to say that if a project doesn’t have a large number of users, or is in an early stage, then Binance has to perform a far more detailed review, including examining the product, the team and other due diligence.
“If a project is already having a large number of users, then it’s a simple decision,” CZ said.
The Best Places for Crypto
Perhaps unsurprisingly, CZ was brimming with praise for the United Arab Emirates, specifically his home base in Dubai.
He said the UAE has a “very friendly, very smart regulatory environment, not just for crypto but for business in general.” He also cited low taxes, safety, and cleanliness.
“Generally it’s just a nice place to be,” CZ said.
CZ name-checked other places as being progressive on crypto, including Bahrain, the Middle East, “some parts of Europe” and, for Binance, New Zealand, and Australia.
Saying that crypto regulations are new and evolving everywhere, he added that there is not a single country in the world that is guaranteed to be the best for crypto forever.
On the other hand, he said it is encouraging that some countries with “previously over-restrictive regulations” are now loosening up, such as South Korea and Japan.
What to Do About FUD
During the AMA, CZ mostly stuck to his New Year’s resolution to “ignore” FUD, fake news, and attacks on Binance.
He mused on the various reasons that people or groups might attack Binance or other crypto projects, including traders on short positions who want the price of an asset to go down, people like Peter Schiff who don’t “get” crypto and are therefore skeptical about it, and others who may “feel threatened by this new disruptive technology.”
“All those reasons are actually fine to be honest,” CZ said. “And then there are less valid reasons.”
In an obvious reference to The Block and its now-former CEO Michael McCaffrey, who accepted tens of millions in loans from Sam Bankman-Fried’s Alameda Research, CZ said:
“FTX gave $43 million to a small news outlet in crypto. And they write a lot of FUD about Binance, and they still do even after this whole regimen became public,” CZ said.
He said Binance did pay attention to unfair criticism in the past, but this year they are going to ignore it and focus on their own mission.
On the flip side, he said there is a positive aspect to FUD, and that is when people spread rumors or negative about Binance, it is also raising more awareness about Binance.
“You cannot say something negative about somebody without mentioning their name,” CZ said (moments after apparently criticizing The Block without mentioning its name).