Binance CEO disputes Forbes’ negative reporting

02/28/2023 07:28 • Metaverse & Beyond • 104 views

It is reported that CZ, the chief executive of Binance, said on social media that many of Forbes’ accusatory questions are negative and deliberately distort the facts. They mentioned some old blockchain transactions completed by our customers. They do not seem to understand the basic knowledge of the operation of the exchange. Our users can freely extract assets at any time. Their withdrawal turned into “hundreds of millions of transferred collateral”.

CZ: Forbes deliberately misinterpreted the facts and called user withdrawal “transfer collateral”

Interpretation of the news:

The world’s largest cryptocurrency exchange Binance has been under increased scrutiny recently due to allegations made by Forbes magazine regarding its operations. Binance CEO CZ responded to these accusations on social media, stating that Forbes was misrepresenting the facts and their reporting was negative. CZ claims that Forbes had mentioned old blockchain transactions that were completed by customers of the exchange which they did not understand the basic knowledge of the platform’s operations.

Binance has been accused by Forbes of using customer funds as collateral to borrow for its own trading purposes. However, CZ argues that Binance customers can freely extract their assets at any time and that the withdrawals made by customers turned into “hundreds of millions of transferred collateral.”

The accusations by Forbes are serious and could bring unwanted attention to Binance. However, CZ’s response to the accusations does not provide any evidence to counter the allegations. Instead, he focused on the inaccuracies in Forbes’ reporting.

It is not surprising that Binance is facing scrutiny as its rapid growth has raised concerns among regulators worldwide. Binance’s access to money laundering concerns and the potential for fraudulent activities have been reported by the Financial Times and other publications.

In spite of these allegations, Binance has strengthened its position over the years and has established itself as the world’s leading cryptocurrency exchange. This development has increased public trust in cryptocurrency, but it has also brought regulatory challenges.

In conclusion, the allegations raised against Binance by Forbes require careful attention and accurate reporting by the media. It is crucial for the exchange to be transparent and provide clear explanations for the allegations raised against it. Binance’s response to the accusations, while not providing any evidence to counter the allegations, has raised significant questions regarding its operations. Finally, it is important for the industry to maintain its reputation and to address any concerns raised in the media to ensure that it continues to grow and gain public trust.

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Binance CEO disputes Forbes’ negative reporting

CZ: Forbes deliberately misinterpreted the facts and called user withdrawal “transfer collateral”

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