CZ says I am deeply disappointed that Forbes continues to write baseless articles

Binance’s CEO responded against a recent Forbes report, in which Binance was criticised over unethical financial transactions without customers’ consent. 

Recently Forbes covered a report on behalf of last year Binance’s financial activities data on the blockchain. Forbes report claimed that Binance used $1.78 billion worth of crypto assets without any collateral on the Bep20 network. The report also claimed that Binance followed similar kinds of financial activities, which was done by the bankrupt crypto exchange FTX. 

It's easy to make up the rules as you go when you’re the world’s largest crypto exchange in a largely unregulated market. Binance transferred $1.8 billion in stablecoin collateral to hedge funds, leaving other investors exposed: by @eltrade @Steven_Ehrlich https://t.co/eQGnlF0hai

— Forbes Crypto (@ForbesCrypto) February 27, 2023

On 28 Feb 2023, Binance CEO Changpeng Zhao (CZ) responded to Forbes’ misleading report and said that the Forbes report is trying to spread FUD  against Binance services on behalf of intentionally misconstruing facts.

I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done. 1/9

— CZ Binance (@cz_binance) February 28, 2023

According to CZ, the Forbes report tried to show that they don’t know how exchanges work and they are incorrectly dragging crypto companies like Tron, Amber group, & Alameda Research in their report. Indeed they need to understand that all Binance customers are free to withdraw their funds any time they want.

Binance CEO noted that the report covered only the withdrawal of crypto funds but ignored a very big portion of crypto assets deposited on the platform and on behalf of intentionally wrong investigation they categorised Binance & FTX under the same category.

Further CZ reminded people about the Dec 2022 situation of the crypto market, where Binance customers withdrew billions of dollars worth of crypto assets from the exchange but still, withdrawal of Crypto assets on the Binance exchange was open & he was hanging out socially with crypto friends visiting Dubai every day. 

Binance has stood the test of time, with users safely withdrawing billions of dollars in December. I was hanging out socially with crypto friends visiting Dubai everyday that week, including @jgarzik, @brucefenton, @MatthewRoszak, @PatrickByrne 5/https://t.co/GNNIugswMc

— CZ Binance (@cz_binance) February 28, 2023

In the last, CZ said that Binance customers don’t need to take tension because they can check the crypto assets behind the exchange with the use of the new zero-knowledge (ZK) open-source focussed PoR check tool. 

I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility.

9/9

— CZ Binance (@cz_binance) February 28, 2023

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