

Binance Faces FUD for Proof of Reserves, CZ Defends on Twitter



Binance is in the FUD hot seat and CZ is hitting back.
Binance CEO Fights Through FUD
Binance, the largest crypto exchange in the world, is facing a number of public accusations that are causing “fear, uncertainty, and doubt” (FUD) about several areas of the company.
The company has faced several headlines in recent weeks, with some remarkable pieces of attention on December 11-12 alone.
A few Binance headlines from the last 24 hours:
— Genevieve Roch-Decter, CFA (@GRDecter) December 12, 2022
- US Justice Department may charge Binance Execs for money laundering
- Binance locks withdrawals for some accounts amid what CEO calls 'just market behavior'
- Binance's proof of reserves raises red flags
CZ explained the recent account stalls for many users over Dec. 11.
Based on our investigations so far, this appears to be just market behavior. One guy deposited funds and started buying. (Hackers don’t deposit). Other guys followed. Can’t see linkage between the accounts. 1/3 https://t.co/QlB1VnlHVs
— CZ 🔶 Binance (@cz_binance) December 11, 2022
In just this past week, the crypto company has also faced more negative attention.
Notably, Kraken CEO Jesse Powell continued the CEX Wars through several tweets on December 8. Powell highlighted several red flags in Binance’s recent Proof of Reserve audit by Mazars.
ok, I'll give you a hint. This is just the easy stuff that says this OBVIOUSLY is not a traditional Proof of Reserves, and should immediately have had actual journalists digging.
— Jesse Powell (@jespow) December 8, 2022
Why use collateral value? Why negative balances included? No wallet signing? Who issues BTCB & BBTC? pic.twitter.com/F9u4XJ5WSi
Former Chief of the SEC Internet Enforcement Office, John Reed Stark, has also used his platform lately to spread FUD about Binance’s Proof of Reserves and opaque leadership.
Binance’s “proof of reserve” report doesn’t address effectiveness of internal financial controls, doesn’t express an opinion or assurance conclusion and doesn’t vouch for the numbers. I worked at SEC Enforcement for 18+ yrs. This is how I define “red flag. https://t.co/6oEqmArjS9
— John Reed Stark (@JohnReedStark) December 11, 2022
Binance's CEO Changpeng Zhao (CZ) has taken to Twitter to calm users and investors publicly. Just two days removed from getting defensive with Kevin O’Leary, Binance had to hit back at money laundering FUD from Reuters.
Others also called into question the original story that started the FUD.
How to create FUD against #Binance 101. 👇
— Duo Nine | discord.gg/ycc (@DU09BTC) December 12, 2022
Take news from 2018, recycle it and turn it into Breaking News in 2022 as revenge for #FTX collapse.
If you did not know, #CoinDesk is owned by Digital Currency Group or the ones behind Grayscale which is in trouble lately... pic.twitter.com/42anGVuARh
CZ ultimately followed with encouragement to fight through and “keep building.”
Ignore FUD. Keep building!
— CZ 🔶 Binance (@cz_binance) December 12, 2022
Overall the FUD against Binance feels strong and real. Questions still remain about the company’s liabilities and whether or not they failed a recent audit. CZ also monarchically revoked access for a single person for some tweets.
It was hard to imagine that FTX was insolvent. It’s hard to imagine the same for Binance. The institutions are certainly out for crypto and Binance at this time. CZ and Binance are right to be on the defensive but must back it up by walking the walk with their reserves talk.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Related News


Ether Futures ETFs Hit the Market: ProShares, VanEck, and More Offer Options

This marks the first-ever ETFs based on ether futures, following the introduction of the first bitcoin futures ETF two years ago.
Summary
- A range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched.
- These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
In a significant development for the crypto industry, a range of exchange-traded funds (ETFs) targeting the performance of ether futures have been launched. These offerings mark the first-ever ETFs based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF.
Renowned for launching the first U.S. bitcoin futures ETF, ProShares leads the charge with the launch of the ProShares Ether Strategy ETF, along with two additional offerings that provide a blend of exposure to both bitcoin and ether. ProShares’ CEO, Michael L. Sapir, expressed optimism about the appeal of these crypto-linked ETFs to investors, stating, "We think that many investors who are interested in cryptocurrencies but are concerned about custody risks, or who are challenged by the learning curve and complexities required to buy them directly, will be attracted to our crypto-linked ETFs."
Bitwise also joined the fray with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
VanEck, a prominent asset manager, has also entered the arena with the VanEck Ethereum Strategy ETF. This ETF is designed to target capital appreciation by investing in ether futures contracts, providing investors with an alternative path to participate in the robust futures market centered around Ethereum.
Additionally, the VanEck Ethereum Strategy ETF has also entered the market, “designed to seek capital appreciation” through ether futures contracts. As highlighted by Kyle DaCruz, Director of Digital Asset Product at VanEck, these offerings provide a means for investors to tap into the robust futures market surrounding Ethereum.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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