Will BNB Be Like FTT? Binance CEO Makes a Statement!

Cryptocurrency Changpeng Zhao (CZ), CEO of the exchange Binance, shared a long article in response to the FUD wave in recent weeks and the claims that BNB will be like FTT.

Binance CEO Talks About BNB and FUD in the Market

Floki Inu (FLOKI) developer @100bviking shared an analysis of whether BNB is like FTT:

“Like BNB FTT?

FTT is the token of the FTX exchange. That is all.

On the other hand, BNB is both the native token of BNB Smart Chain and the token of the Binance exchange.

BNB is NOT like FTT in any way.”

Binance CEO shared the following in response to the developer’s statement:

“Many overlook this and think that all “exchange tokens” are the same.

FTT is an exchange token. The SOL (not FTT) blockchain token is the SRM (not FTT) DEX token.

BNB has space on Binance CEX. BNB is the native coin of both blockchains, BNB is DEX (beacon chain) and more.”

Why do people FUD about @Binance?

A few (non-exhaustive) reasons. Thread 1/98

— CZ 🔶 Binance (@cz_binance) December 23, 2022

However, CZ also revealed more about the wave of FUD spreading about Binance. The CEO shared an article about the reasons for the FUD spreading about the company:

“Some in our industry hate centralisation. Regardless of whether a CEX helps cryptocurrencies adopt faster, they hate CEXs. Everyone is allowed to defend their own views and voice their opinions. There is nothing wrong with that.

Some may lose money in trading or have other problems, blame us and attack us. There is no black and white right or wrong in all cases.

Some industry representatives see Binance as a competitor. We’ve seen some go to extreme lengths to lobby against us or lend money to small media outlets many times over the market value of this media outlet, including buying a house for their CEO.

As mentioned above, some media outlets get paid to defame us. Some are completely “bought” by a “competitor”. Some may mistakenly think that we cut off their funding (we didn’t, they failed on their own) and blame us, regardless of how illegal the funding was.

Cryptocurrencies are yet to be massively adopted, possibly less than 5% globally. Many people are still skeptical about crypto. Some media outlets have more traditional audiences and tend to align with their views. There is nothing wrong with that either.

And there are generalizations as well. “If one CEX is bad, then all other CEXs must be bad too.” Especially if a CEX they liked before later turned out to be bad. It seems like then they have to hate the other CEXs with a greater vengeance.

There is no absolute right or wrong in most of the above. Our world is such a place. We just need to recognize and understand this.

We are not perfect. We welcome feedback, but do not consider FUD. With your support, we focus on developing our own products.”

*Not investment advice.