Changpeng Zhao Dismisses 'Red Notice' Rumors as FUD

Binance CEO Addresses Rumors

Changpeng Zhao, CEO of Binance, has refuted rumors regarding an alleged INTERPOL "Red Notice" against him. These rumors surfaced amid ongoing legal challenges, including a $1 billion lawsuit and accusations from the Commodity Futures Trading Commission (CFTC). Zhao clarified that the image circulating, purportedly showing him on INTERPOL's list, was fabricated.

Impact of Rumors on Market

The spread of these rumors coincided with a drop in Binance's market share by 16%. Despite these challenges, Binance retains a dominant position with 54% market share. Zhao emphasized that such rumors are meant to create fear, uncertainty, and doubt (FUD) in the crypto market, urging traders to rely only on verified information.

Emphasizing Market Vigilance

Zhao has been vocal about the need for vigilance in the market, advising against reacting to unverified information. He highlighted the importance of blocking sources that spread FUD, warning that panic selling based on misinformation can lead to financial losses.

Industry Unity and Resilience

The Binance CEO suggested that the latest wave of FUD might have been propagated by other exchanges. He stressed that the cryptocurrency industry should unite against external threats and misinformation. Despite the recent market share shifts, research indicates that Binance's losses have been primarily absorbed by Upbit, an exchange that has gained a notable share of the trading volume.

Overall, Zhao's proactive stance aims to reinforce confidence in Binance and the broader crypto market, advocating for a collective approach to overcoming regulatory and competitive challenges.