Binance CEO Steps Forth With Key Statement But Faces Community’s Criticism

Richard Teng, the head of the world’s largest exchange, Binance, has published an important statement on his X account, addressing the global crypto community and Binance users in particular.

However, some users seemed not quite satisfied with the quality of services provided by the platform and did not hold back their criticism in the comments.

Binance boss faces community's criticism

Richard Teng addressed the Binance community, reaffirming the vision Binance has been and intends to follow in the future. According to Teng, the platform is committed “to support the freedom of money globally.”

Thus, Binance is doing its best, Teng implied, to help people attain the freedom to use their money the way they want: “People should be able to use their money how and where they wish.” Binance remains “committed to making that a reality,” he concluded his tweet.

While the majority of the commentators thanked Teng and praised Binance, there were some who were unhappy about the platform’s user policies, and they spoke their minds directly to Teng.

An X user, Nazeer Ahmed, claimed that Binance might be leveraging users’ funds to affect the market. He also stated that users’ crypto “shouldn’t end up in CEOs’ pockets while users suffer.”

Another user accused Binance of imposing too-long waiting periods on cryptocurrency transfers, 48 hours. This is “contrary to the speed and logic of cryptocurrency,” he stated.

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CZ took to X (formerly Twitter) to respond to those who keep asking him about the next field of "big opportunities." CZ suggested they should watch where he spends his time rather than betting on doubtful crypto investment schemes, "chasing the '10x-overnight opportunity' with 99.99999% failure rate."

On Jan. 4, Changpeng Zhao published a tweet, which was perhaps a surprise for many crypto fans, saying that the crypto market is “tiny,” while “the technology potential is huge, all unrealized.” He ended his message with his traditional saying: “Just the beginning.”