Changpeng Zhao, CEO of the world’s largest crypto exchange Binance, has found himself battling mainstream media FUD yet again. He objected to the latest onslaught from the media, claiming the company “has been under strain for months.”
On July 7, Fortune ran an article with a typically salacious clickbait headline starting with “Binance plunges into crisis…” The piece was about the resignation of three senior executives from the company.
Changpeng Zhao Bites Back at Binance FUD
Binance general counsel Hon Ng, chief strategy officer Patrick Hillmann, and SVP for compliance Steven Christie told Changpeng Zhao they are leaving the company this week.
On the other hand, Chief Compliance Officer Noah Perlman confirmed on Twitter that he would be sticking around to help ‘navigate the growing pains’ of the industry.
The move comes as a blow to the firm that has been battling with U.S. and global regulators this year.
Learn more about the tools that the SEC is using to crack down on crypto: What Is the Howey Test and How Does It Impact Crypto?
On July 7, Hillmann tweeted that he was leaving Binance on good terms due partly because his wife was expecting a baby, adding:
“I continue to respect and support @cz_binance and am grateful for having had the incredible opportunity to work under his leadership.”
However, Fortune quickly turned this into FUD, printing: “The decision by the executives to quit the company represents a management and strategic crisis for Binance.”
It added that the high-profile departures were due to Binance’s ongoing investigation by the Department of Justice. Furthermore, it has also been sued by the Securities and Exchange Commission and Commodity Futures Trading Commission (CFTC) for a range of alleged misdemeanors.
CZ responded on July 7, tweeting that the reasons for the departures given by the media were to spread FUD (fear, uncertainty, and doubt).
“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong.”
Furthermore, he added that Binance has grown from 30 people to 8,000 in just six years. He said it has also been able to protect its customers throughout the past year of crypto industry turmoil.
“As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”
Read up on the best Binance alternatives: 7 Best Binance Alternatives in 2023
BNB Price Outlook
BNB has taken a 2.4% hit on the day in a fall to $234 at the time of writing.
However, this is in line with the broader crypto market retreat, so the salvo of mainstream media FUD didn’t hit the target.
Nevertheless, the BNB price has lost 24% since the SEC filed its lawsuit in early June.
The asset remains 66% down from its all-time high. However, this is much better than most of the altcoins that are still languishing 80-90% down from their peaks.
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