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Changpeng Zhao

Elon Musk calls Binance “shady”; CZ hits back by calling out Tesla’s software glitch

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Meme coins like Shiba Inu [SHIB] and Dogecoin [DOGE] have been flourishing. Elon Musk’s DOGE endorsement gave the altcoin a much-required momentum. The popularity of these assets has been emerging by the day and the need for crypto exchanges has never been more.

Recently, one of the world’s most popular crypto exchanges, Binance endured a bit of an issue with regard to Dogecoin withdrawals. Following a technical issue that prompted several DOGE transactions into the accounts of Binance users, the exchange froze DOGE withdrawals for a period of two weeks.

While several users continue to face issues in withdrawing their funds, Tesla’s Elon Musk went ahead and called out Binance’s CEO Changpeng Zhao. Replying to an article posted by a prominent news agency, Elon Musk asked CZ about the whole DOGE withdrawal scenario. He went up a notch and even suggested that the situation was “shady”.

Elon Musk
Elon Musk calls Binance "shady"; CZ hits back by calling out Tesla's software glitch 2

An array of Twitter users took this opportunity and went on call Binance shady for not letting people carry out withdrawals.

Elon Musk gets a reply from CZ himself

Binance has been at the forefront of the big crypto revolution. Despite the tiny regulatory glitch, Binance has managed to amass a wide range of fans. From implementing new upgrades and onboarding new assets to diving into markets across the globe, Binance is one of the most popular exchanges to exist. Therefore, CEO Changpeng Zhao didn’t hold back.

Back on November 12 itself, a Twitter account by the name Dogecoin Developers decided to shed light on the Binance and DOGE withdrawal situation. CZ tweeted,

In addition to this, CZ replied to Elon Musk’s initial comment and apologized for the inconvenience caused by the situation. CZ wrote,

“Elon, we are pretty certain it is an issue with the latest #doge wallet. We are in communications with the devs. Apologies for any inconvenience that may have caused you.”

Along with this, CZ called out Musk over a software glitch in Telsa that put the safety of nearly 12,000 US vehicles at stake.

Binance CEO indicates that progress is coming, but gradually

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Binance CEO Changpeng Zhao (CZ) spoke at the Future Blockchain Summit Dubai on Day 2 of the gathering. The CEO has been actively vocal about the activities of the government, sharing his two cents on the same. In the Summit, the Binance CEO explained why it is futile to expect the entire monetary system to change in one day.

The Binance CEO spoke on the current stance of regulatory authorities on digital assets and the adoption rate for the new asset class. While we have already seen countries like El Salvador take a huge leap of faith, South Korea has allowed a few exchanges to operate in the nation in partnerships with banks.

Binance CEO believes that patience is the key

Changpeng Zhao explains why he believes that expecting crypto adoption in a short period is futile by reminding the audience that the current financial architecture has been around for centuries. Therefore, Zhao stressed the importance of patience when it comes to crypto adoption.

The main reason it is not easy to regulate blockchain-based products is because of the explosion of blockchain-based games and NFTs. While the industry keeps expanding at unparalleled rates, the regulatory authorities are not getting enough time to bring out regulations related to blockchain-based financial products.

Communication is of utmost important

Every crypto investor has noticed the heightened attention of the government in the industry. However, Binance CEO considers that this fact indeed has a positive side to it. The reason being simple, nobody knows what’ll work. It’s just a big hit and trial. Before making laws regarding cryptocurrencies, many nations are trying one thing and the other to tame the new asset class.

Binance CEO Chenpeng Zhao claims that the most important aspect while implementing regulations involves communication with the entities involved. He further announced that communication channels of Binance are always open for regulatory authorities.

Binance’s CZ admits to the need for a “centralized entity”

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Binance has been a constant visitor of the headlines for a while now. Regulators from across the world were seen squabbling with the exchange over issues pertaining to license. While exchange had to deal with an array of regulators all at once, the CEO of Binance Changpeng Zhao aka CZ has put forth the need for a centralized entity.

Centralized systems have existed for the longest time. The cons that come along with these systems stood out for the creator of Bitcoin, Satoshi Nakamoto. This further pushed this anonymous person to roll out the first and the largest cryptocurrency. The term “decentralization” was a selling point of the crypto-verse. However, with time the term began fading and centralization took over most of the crypto market.

After Binance’s tiff with several regulators, CZ seemed to have come to the conclusion that the requirement for a centralized entity was a must.

Binance takes the other route

Crypto platforms cannot survive without the involvement of regulators. Therefore, it further becomes necessary for crypto exchanges to comply with the regulations put forth by financial watchdogs.

In a recent interview with the South China Morning Post, CZ addressed the ongoing crackdown on its branches across the globe. He added,

“As we run a centralized exchange, we have come to realize that we need to have a centralized entity to work well with regulators. [..] We need to have clear records of stakeholders’ ownership, transparency, and risk controls. As the largest player in the industry, we need to prepare ourselves for the shift. We are making changes to make it easier to work with regulators.”

Binance is a prominent name in the crypto-verse. The recent takedown of the financial regulators from the UK, Cayman Islands, Malaysia, Singapore, Japan, Ontario, Italy had completely shattered the exchange. While Binance lost its spot in several of the aforementioned regions, the exchange’s efforts in complying with regulators from the other regions have been prolonged.

The platform was even seen hiring several experienced members that would further aid the exchange in understanding and complying with the regulators in a better way.

CZ Confirms Binance US Will Go Ahead With IPO Despite Increased Scrutiny

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Ever since its creation, the cryptocurrency market has been the subject of routine regulatory interventions. The latest story surrounds Binance’s United States wing, Binance US, and its decision to move ahead with an IPO despite crackdowns from the financial sphere. Binance chief executive Changpeng Zhao said on Friday that the company’s move was built on the back of intense discussions and reworks.

CZ, as the CEO is more commonly called, made his comments at the virtual REDeFINE Tomorrow 20201 virtual meet on July 23. He did not shy away from answering questions about Binance’s situation with US regulators regarding alleged illegal trading activities on the platform. Binance and all of its affiliates will be ready to face any regulator in the future as well, said CZ. In his words:


“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen. We are now in the mindset of shifting from a tech startup to a financial service.”

The trading platform has come under fire earlier for not complying with frameworks set by lawmakers in the States. Even CZ admitted that the company had a need to localize compliance communications to make regulatory processes faster and more transparent. Binance US has hired former US Comptroller Brian Brooks as its CEO and to chart out new paths in terms of regulations and systematic ecosystem creation. 

The creation of an IPO would allow outside investors to enter the cryptocurrency market in a traditional manner. Regulators have insisted that they want to ensure proper measures are taken before a cryptocurrency company enters the mainstream space and pockets. The United States CFTC has also played a key role in keeping the tabs on Binance and reports about the company’s dealings with US customers. 

BNB tries to stay in the green as sell-off pressure increases

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Binance Coin [BNB]’s performance this year propelled it to the top of the charts with the cryptocurrency now sitting pretty at the number four position. Investors have been reassured by Binance CEO Changpeng Zhao about the coin’s use case and what it can do for the digital asset ecosystem in the future.

BNB’s price action over the past week was indicative of the rest of the market: price corrections followed by the bear’s pull once again. At press time, Binance Coin was trading for $292 with a total market cap of $49.28 billion. The cryptocurrency still had some ways to go before catching up to its nearest competitor, Tether [USDT].

In the last hour, BNB climbed by 3.5 percent to elevate its daily trading volume to $1.86 billion. Technical analysis of the cryptocurrency showed marked changes in price behavior since the start of July.

BNB 1 hour:

bnb 1 hr 2
BNB tries to stay in the green as sell-off pressure increases 5

BNB’s new immediate support was created on the 20th when the cryptocurrency fell to $255.4. The Relative Strength Index [RSI] rallied to the overbought zone after crashing below the oversold zone earlier. This meant that there was an increased BNB buying pressure.

According to BNB’s Chaikin Money Flow indicator, the capital influx was almost equivalent to the money leaving the market. The Parabolic SAR sided with the bull as the markers stayed below the price candles.

BNB 1 day:

bnb 1 d 1
BNB tries to stay in the green as sell-off pressure increases 6

In the long term, BNB’s price had settled into a slow price action after the creation of the new support. A hold near the $300 mark was considered safe for the cryptocurrency as long as buying pressure increases.

Daily charts painted the picture of a cryptocurrency struggling to get out of the bear’s thumb. BNB has not been able to climb back to the overbought zone levels since the start of May. The CMF had fallen below the zero line for the first time in the month and the sharp incline indicated a massive sell-off.

Even the Parabolic SAR pointed to a bearish takeover as the markers continued to stay atop the candles.

Binance CEO Talks Compliance and Future of Crypto In Blog

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Binance and its workings came under massive scrutiny recently as financial regulators took it upon themselves to impose sanctions. To ensure its users of the safety of their holdings, Binance CEO Changpeng Zhao released a blog detailing current and future plans.

In the blog, CZ stated that the drastic adoption jump could be owed to the market realizing the potential of digital assets. Binance has added requirements for using the platform such as stricter insider trading policies, a Secured Asset Emergency Fund, and a firewall to separate out the listing team. Apart from this, Binance has invested in edtech resources such as Binance Academy.

The Binance blog added:
“We also protect our users through our work with law enforcement agencies such as the U.S. Internal Revenue Service (IRS), the UK South East Regional Organized Crime Unit, and many more to crack down on cybercrimes such as money laundering, terrorist financing and scams. In 2021, we have completed assisting 5,600 investigation requests already,100% more than 2020.”

Binance further boosted its international compliance team by a whopping 500 percent since 2020. This comes at a time when local governments were opposing Binance’s entry into foreign shores. CZ reiterated that the company would do everything in its power to comply with government mandates that allow smooth functioning.

Technology partnerships were a big arena for Binance with tie-ups including members such as CipherTrace. Binance also cleared multiple AML audits to further strengthen fund security. CZ’s letter was the first step in acknowledging the need for more transparent communication between crypto honchos and regulators. In Zhao’s words:

“Compliance is a journey – especially in new sectors like crypto. The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity.”

Binance’s CZ Addresses Volatility In The Crypto-Verse

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The crypto-verse has been experiencing extreme volatility over the last couple of days. Binance’s CEO, Changpeng Zhao aka CZ, addressed this constant rise and fall in the price of cryptocurrencies over the last couple of days.

Volatility has been a great drawback for the crypto industry. While abrupt soars in the price of certain coins can bring extreme joy, untimely drops can cause a commotion. Individuals who seem to be intrigued by the industry have been sitting on the fence fearing volatility. The recent drop of Bitcoin [BTC] from a high of $64K to a low of $48K was noted as a classic example of the latter.

Appearing in Bloomberg’s latest interview, CZ went on to reveal his take on the extreme volatility that the crypto industry hoards.

Binance’s CZ Blames Herd Mentality For Volatility

Bitcoin’s price volatility is directly linked to herd mentality, Binance’s CZ pointed out. Comparing those who enter the crypto-verse, CZ noted that those who invest in crypto were through herd mentality were outdoing those who did their research before investing in the market.

While the price of crypto is usually dictated by the buying and selling activity of these assets, people who enter the market when there’s good news and rush out during bad news are the one’s behind the volatile nature of the industry, CZ asserted. Speaking about the same he added,

“The herd followers are less committed. Whenever there’s some negative news, they run away. Whenever there’s positive news, they try to rush in.”

Furthermore, just as the price of digital assets rose over the past couple of months, institutional investors started pouring their funds into it. CZ pointed out that certain large institutions were keen on “volatility trading.”

Debunking the myth of more institutional trading equals less volatility, the CEO of Binance added,

“They [institutions] seek volatility and they sometimes even want to generate the volatility. So it’s not to say that just because there’s more institutions trading, then there’s less volatility.”

Binance’s CEO CZ Clarifies Claims Regarding CFTC Probe

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The increased demand for cryptocurrencies has paved the way for many governments to take a deeper look into the industry. Binance, the largest cryptocurrency exchange, seems to be the latest platform under the US government’s purview.

The US government has been receiving immense backlash for its stringent laws against crypto. While several platforms have moved out of the country, others like Binance have rolled out exchanges exclusively for the citizens of the US. Despite this, the Commodity Futures Trading Commission [CFTC] of the United States of America reportedly revealed that the platform was being investigated.

An anonymous source allegedly disclosed that the cryptocurrency platform was being investigated by the CFTC over certain derivative trades carried out by users from the US. While no official statement by the CFTC was released regarding the matter, the source affirmed that Binance wasn’t accused of any wrongdoing.

Speaking about the same, CZ added,

“We’ll continue to improve our compliance. We’ll also work very actively with regulators around the world to improve the compliance standards of the industry.”

Binance’s CZ: “An Investigation Doesn’t Mean They’re Trying To Charge Us”

This investigation came as a shock to several, however, Binance decided to stay quiet about it. But, appearing in an Ask Me Anything [AMA] live stream on Clubhouse, the CEO of Binance Changpeng Zhao went on to address the latest issue. He stated,

“This is a topic that just came up, literally like a few minutes ago or an hour ago. So number one, the news article said there was no, I don’t have it in front of me, there was no “misconduct,” I have to dig it up. So number one there was no report of misconduct from Binance, so the report kind of defeat itself.”

CZ also clarified that an investigation did not mean that the CFTC was trying to charge Binance with something. He went on to say that the “story doesn’t have any teeth.”

Binance’s CZ Manages To Secure A Spot On Bloomberg 50

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The price movement of Bitcoin caught the attention of the world further garnering several into the ecosystem. As the value of crypto assets have been on a surge, the people behind these assets have also been garnering immense gains and appreciation for their work in building the industry. CZ recently turned heads after he managed to secure a position on Bloomberg 50.

Binance Hopes To Garner Gains Over $800 Billion This Year

Binance has proved to be one of the best performing crypto platforms even during the pandemic. The exchange ranks first on CoinMarketCap’s list of top cryptocurrency exchanges. With expansion as its main goal, the crypto platform veered into several markets throughout the last few years. The man behind the Malta-based cryptocurrency exchange, Changpeng Zhao has always managed to secure a place in the headlines. Once again, CZ has made headlines following his entry to the annual list of Bloomberg 50.

CZ was joined with an array of people from different industries including, politics, entertainment, business, finance, science as well as technology. The list had prominent personalities including Byju Raveendran, Billie Eilish, John Roberts, Bong Joon-Ho, the Prime Minister of Sudan, Abdalla Hamdok along with several others.

Speaking about his influence on the crypto market, CZ revealed that he expects Binance to garner gains over $800 million to $1 billion this year. Previously in 2019, CZ’s Binance managed to secure a whopping $750 million. While the regulatory climate remains uncertain in several parts of the globe, they have been huge trouble to the crypto-verse. The lack of regulatory clarity in the US has even led to the members of Ripple moving its headquarters outside the country. CZ added,

“We’re always working closely with regulators and law enforcement worldwide.”

Several members of the crypto-verse lauded Zhao for his latest achievement and went on to say that he was humbled to be a part of the list beside several prominent personalities. He added,

“Alongside these committed and passionate leaders bringing change across diverse spheres, we will continue to work towards increasing financial inclusion globally with crypto as the fundamental means and putting people and our users first.”

Spotify Hints Entry Into Crypto-Verse With Its Latest Job Posting

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The crypto-verse has been veering in several major mainstream companies across the globe. Spotify is the latest to join the bandwagon. Last year, when Facebook revealed its crypto venture several platforms partnered with the social media giant. While many reeled out of the project after increased scrutiny by governments across the globe, the Libra project managed to retain a few. Spotify was one of them. The streaming service posted a job opening with regard to the same.

Spotify Looks For Associate Director To Spearhead Payments Team

In an elaborate post, prominent audio streaming platform, Spotify revealed that it was looking for an individual to fill in the position of Associate Director to head the Payments Strategy and Innovation team. The role requires the applicants to aid in the implementation of Spotify’s payments strategy along with the platform’s activity with the Libra project. While the Libra project is now called Diem, Spotify seems to be prepping for the imminent project.

The role further requires the selected candidate to juggle between Spotify’s London and Stockholm offices. The post further read,

“This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.”

Apart from this, Spotify suggested that the associate director would have to “drive further consideration” of prospects in the blockchain, crypto, stablecoins, Central Bank Digital Currencies [CBDC] as well as distributed ledger tech that has been currently flourishing across the globe.

With the crypto industry emerging in full force, several platforms have been setting up resources to comply with the ongoing crypto fervor.

Several members of the crypto industry seemed to be excited about this and expressed their thoughts about the same on Twitter. Binance’s Changpeng Zhao aka CZ was one among them as he highlighted that Spotify was getting into crypto. His tweet read,