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Binance founder Changpeng Zhao (CZ) held an English-language AMA (Ask Me a Question) event on Binance Square to respond to recent FUD (Fear, Uncertainty, and Doubt) allegations circulating about the platform.
CZ specifically addressed the allegations of a price drop on October 11th and systemic issues.
CZ stated that the sharp market drop on October 11th occurred following US President Donald Trump’s statements regarding tariffs, and argued that this drop was not related to any systemic problems or deliberate actions by Binance. CZ asserted that Binance does not engage in proprietary trading to profit from cryptocurrency trading, and that there was no intentional “Bitcoin sell-off” aimed at driving down prices.
“A so-called ‘Bitcoin dump’ would mean hundreds of billions of dollars in risk, and no single entity in the world could do that,” said CZ, adding that Binance is a globally regulated platform and has no justification for engaging in illegal activities.
CZ, recalling that Forbes listed his net worth at $92 billion, stated that this did not represent cash assets. He explained that he hadn’t converted his company shares into cash or his crypto assets into fiat currency, adding that he believed fiat currencies would depreciate in the long term, which is why he preferred holding onto crypto assets like Bitcoin and BNB.
Addressing the allegations of system failures, CZ stated that no technology can guarantee 100% uninterrupted and problem-free operation. He noted that no website or trading platform can guarantee complete security and uninterrupted service, adding that Binance’s Terms of Service clearly state that such situations can occur. However, he also mentioned that Binance has compensated users for similar incidents in the past and that all necessary redress steps were taken in the October 11th incident.
Responding to criticisms regarding token listings, CZ argued that a token being listed on Binance does not obligate users to purchase it. He stated that good projects will naturally find demand, while weaker projects will struggle to attract investors. Zhao emphasized that Binance only provides trading infrastructure and is not responsible for token performance, comparing this to the fact that not all shares traded on the Nasdaq offer guaranteed profits.
Finally, CZ suggested that some malicious and paid accounts have recently been deliberately spreading FUD (Fear, Uncertainty, and Doubt). He noted that some users who didn’t experience any losses on October 11th also demanded compensation from Binance, but stated that this group was a minority and that the vast majority of users acted rationally. Arguing that Binance has surpassed the necessary standards in customer service, CZ stated that the current wave of FUD might create pressure in the short term, but in the long term it will have a positive impact by increasing the platform’s brand awareness.
*This is not investment advice.