Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, has found himself fighting mainstream media FUD again. He objected to the recent attack by the media, claiming that the company has been “under pressure for months”.
On July 7th, Fortune magazine published an article with an obscene clickbait title that begins with the phrase “Binance is in crisis…” The article was about the resignation of three senior executives from the company.
Changpeng Zhao Bites is back on Binance FUD
Binance General Counsel Hon Ng, Chief Strategy Officer Patrick Hillman, and Senior Vice President of Compliance Stephen Christie told Changpeng Zhao that they will be leaving the company this week.
On the other hand, Chief Compliance Noah Perlman He confirmed on Twitter that he will remain committed to helping “with the growing pains” of the industry.
The move comes as a blow to the company, which has been battling with US and global regulators this year.
On July 7, Hillman tweeted that he was leaving Binance on good terms, in part because his wife was expecting a child, adding:
“I continue to respect and support @cz_binance and am grateful for the wonderful opportunity to work under him.”
However, Fortune soon turned this into a FUD, printing: “The executives’ decision to leave the company represents a management and strategic crisis for Binance.”
It added that the high-profile departures were due to Binance’s ongoing investigation by the Department of Justice. Furthermore, she has been sued by the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) for a host of alleged misdemeanors.
cz answered On July 7, he tweeted that the reasons for leaving given by the media were to spread FUD (Fear, Uncertainty, and Doubt).
More FUD about some of the departures. Yes, there is turnover (in every company). But the reasons why you’re dreaming about ‘the news’ are completely wrong.”
Moreover, he added that Binance has grown from 30 people to 8,000 people in just six years. He said it has also been able to protect its customers over the past year from crypto industry disruptions.
“As markets and the global environment for cryptocurrency change, as our organization evolves, and as personal attitudes change, there is a turnover rate in every company.”
BNB price forecast
BNB is up 2.4% on the day on the drop to $234 at the time of writing.
However, this is in line with the broader cryptocurrency market downturn, so the mainstream media barrage of FUD hasn’t quite hit the mark.
However, the price of BNB has lost 24% since the SEC filed a lawsuit in early June.
The asset is still down 66% from its all-time high. However, this is much better than most altcoins which are still down 80-90% from their peaks.
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