Former Binance boss Changpeng Zhao, known as CZ, has taken to the X social media platform to state that BNB, the native token of the embattled crypto exchange, does not require a CEO to thrive.
This announcement comes amidst a turbulent time for Binance, following CZ's recent resignation as CEO due to charges by the U.S. Department of Justice.
A tumultuous phase
As reported by U.Today, the cryptocurrency market has been experiencing a period of uncertainty, particularly for Binance's BNB token.
Following the DOJ's announcement of criminal charges against Binance and the subsequent replacement of CZ, BNB's price collapsed by over 11%.
In contrast, major cryptocurrencies like Bitcoin and Ethereum have been trading relatively steadily (even though they were also in the red).
Despite the turmoil, CZ's confidence in BNB is seemingly unshaken. The token remains in fourth place by market capitalization after paring most of its losses.
The perceived centralization of BNB
CZ's departure and his claim that BNB can operate without a CEO have once again brought to light the issues of alleged centralization within the Binance ecosystem.
Critics argue that the heavy influence of a single individual on a cryptocurrency platform goes against the decentralized ethos of the blockchain technology that underpins these digital assets.
This perception of centralization is contrary to the core principle of decentralization, a foundational element of the cryptocurrency movement.
The community is now grappling with the implications of CZ's departure and its impact on BNB's future.