Binance CEO Changpeng Zhao (CZ) came up with a post on Twitter. He touched on the fear, uncertainty and doubt (FUD) controversy surrounding the stock market. She shed light on the news of the speculated layoffs. Here are the details…
A famous crypto figure is spreading his Binance FUD
In the face of increasing scrutiny and legal challenges, Binance CEO Changpeng Zhao (CZ) remains resolute and actively combats the negative publicity surrounding his firm. With the US Securities and Exchange Commission (SEC) clamping down on cryptocurrency exchanges, Binance has found itself under further scrutiny. Despite this, CZ has made it his mission to defend his company’s reputation and to warn investors against making rash trades. In a recent announcement, CZ shed a light on a person it believes may be the primary source of Fear, Uncertainty and Doubt (FUD), which casts a negative light on the Binance ecosystem. CZ explained that this person claimed to have spread FUD on Binance because his project was rejected by Binance Labs for investment.
I learned today that a guy who is constantly spreading FUD about @Binance was just because he pitched his project to Binance Labs and we didn't invest.
Feel really sad for him. I hope he eventually finds his way out of it, and actually focus on his own project. 😂 https://t.co/d559NJvgTB
— CZ 🔶 BNB (@cz_binance) July 17, 2023
Expressing his sympathy for this person, CZ stated that he hopes that he will eventually find his own way and focus on his own project. CZ said that one particular person who constantly spreads FUD on Binance was driven by personal motives. It was announced that this person submitted his own project to Binance Labs and requested an investment, which was ultimately rejected. Zhao responded to a tweet by Binance co-founder Yi Hei, “I found out today that the only reason a guy constantly spreading FUD about Binance is because he submitted his project to Binance Labs and we didn’t invest.”
Is the stock market only FUD?
However, the challenges Binance faces extend beyond the FUD discussion. Recently, some media outlets reported that the world’s largest cryptocurrency exchange could face significant layoffs due to its legal battle with US regulators. Confirming the layoffs, CZ disputed the previously reported figures, calling them unsubstantiated FUD. As we reported on cryptokoin.com, the Wall Street Journal claimed, citing an insider, that more than 1,000 employees were laid off as Binance prepared itself for a long and costly legal battle.
Former employees also reiterated their concerns that there will be more layoffs in the coming weeks, emphasizing that the customer support team is the department most affected. Taking the potential cuts further, CNBC stated that the total number of layoffs at Binance could reach up to 3,000. He also reported that this accounts for almost half of the firm’s total reported employees. Binance operates as one of the largest cryptocurrency exchanges globally, offering a wide range of trading services and investment opportunities. However, its rapid growth has also made it the target of criticism and regulatory scrutiny.
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