CZ Stamps Out Reuters Report, Calling it 'FUD'

Binance Remains Steadfast

Reuters published an investigative report last Friday that zeroed in on Binance’s compliance practice and it triggered an immediate response by the largest crypto exchange's Chief Executive Officer, Changpeng Zhao (CZ). 

In a Twitter response on January 22, CZ called the report a smear campaign by former employees and partners who had fallen out of favor with Binance. 

The investigative report cited the names of senior executives from Binance cautioning the management of regulatory shortcomings. The report also referred to Binance’s former business partners but came up short in naming the partner. 

The report made specific reference to instances of questionable practices but were also guilty of not descending into the particulars for some of the other allegations. 

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Disproving Through Action 

Binance is the biggest crypto exchange globally by volume of transactions and is widely used in many jurisdictions. The specific instances that were highlighted in the report must be weighed against other compliance efforts. 

Binance is in the midst of localization of its operations, and if licenses are approved, it must meet local regulatory standards. Meeting these standards would go a long way to dispel any accusations of dubious internal practices that shun regulations. ‍

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