Binance CEO Accuses FTX of Paying $43 Million to Tarnish Binance Image

Founder and CEO of Binance, Changpeng Zhao (CZ) has accused FTX of spreading false information about his cryptocurrency exchange company, Binance.

Investors King reports that Zhao claimed that FTX paid the sum of $43 million to a news organisation that reports on cryptocurrency in order to produce negative publications and tarnish the image of Binance.

CZ discussed the Binance FUD during an ‘Ask Me Anything’ (AMA) session on Twitter.

The Binance Founder said some organisations have continuously generated and published negative news to improve their trade.

He noted that such a media firm with crypto skeptics like Peter Schiff who keeps criticizing its brand lacks understanding.

Zhao admitted that he usually read and pay attention to the false impression the negative articles create about Binance.

He however said, “I don’t think it’s going to stop, but I don’t think it’s going to bother us that much going forward. People have now come to their own judgments. They are pretty smart today, most people are no longer fooled by clickbait titles.”

FTX Trading Ltd. is a bankrupt company that previously operated a cryptocurrency exchange and crypto hedge fund with over one million users before it folded up in November, 2022, Investors King understands.

Speaking on the AI technology Binance is making use of, CZ stated that the technology is in use in many parts of the brand. 

He added that the AI will be further employed within the blockchain industry to enhance data analysis and detect critical risk changes.

“For example, roughly 75% of Binance’s customer support is handled via AI, along with risk management, transaction monitoring, fraud detection, and market manipulation detection.

“With machine learning becoming more and more mature and more stronger, there will be more and more applications,” CZ said.