BeInNews Academy Ltd © Street: Suite 1701 – 02A, 17/F, 625 King’s Road, North Point. Hong Kong.
In a recent tweet, Binance CEO Changpeng Zhao has called for the regulation of ‘fake news’ in the cryptocurrency space. It’s currently unclear what this means.
Fake news is rampant in the cryptocurrency world. Much of the market still suffers from hype cycles and false partnerships, along with sensationalist reporting. However, is it enough to merit regulation? According to Binance CEO Changpeng Zhao, it apparently does.
In a recent tweet, Zhao called out those who have a narrow view of the world and then proceed to call this “news.” This prompted Zhao to simply say, “we need [to] regulate fake news.” The jab was directed at Mike Dudas, Founder of The Block. He captured the attack in a screenshot:
The CEO of the largest business in crypto, @cz_binance, goes low.
Now, he is calling for regulation of my tweets. Amazing. pic.twitter.com/xDQf44r48h
— Mike Dudas (@mdudas) February 25, 2020
It’s currently unclear how one would ‘regulate’ fake news or who would be the arbitrator of what is true in this industry. This would lead us down a slippery slope, which many have been right to criticize.
Frankly, it would be hard to argue that this anti-FUD fund, or any like it, would be impartial.
Fake news is not unique to the cryptocurrency industry, and it would be a dangerous precedent to attempt to ‘regulate’ it. Moreover, it’s even more dangerous to have the industry be ‘self-regulated’ by the very actors that will benefit most from it.
Zhao has made these comments after a tumultuous week for the world’s largest cryptocurrency exchanges. From USDT shortages for margin trading to internal exchange problems with processed orders and balances, the media been following these developments very closely. Additionally, there was also the recent news concerning Binance’s headquarters after it was shockingly revealed that the exchange is not based in Malta whatsoever.
Of course, these stories have been deeply distressing for Binance—however, they were not published without reason nor is it ‘FUD.’ Although the cryptocurrency media has a penchant for sensationalism, it’s a problem that afflicts all media. Exchanges and companies should simply learn to work in this environment best they can because the alternative is much worse.
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, TradingView and Twitter.