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Binance Founder Changpeng “CZ” Zhao has come out to debunk new claims that he is targeting some of his critics with a legal turf war. Taking to social media platform X, CZ shared screenshots to corroborate the fake claims of a cease-and-desist order issued to Jacob King.
Since the Oct. 10 crypto market collapse, the Binance exchange and CZ have been the targets of a major social media campaign. The rationale was that the trading platform had a system glitch that forced the liquidation of billions in crypto assets globally.
The more the market slipped deep into the bear market, the louder the criticism grew. Joseph King, a renowned crypto critic, is a known voice targeting Binance. In his recent claims, he said CZ recently unblocked him to send a cease-and-desist order.
As King recounted on his X profile, this order was based on his earlier claims that Binance is currently insolvent. This claim was accompanied by a screenshot, alleging a private message from CZ.
In response, the Binance founder called the claims “fake.” He told his more than 10.7 million followers that he does not know King and that he had blocked him earlier for what is arguably a good reason.
As an action plan going forward, CZ said he will spend less time debunking most of the FUD — Fear, Uncertainty and Doubt — flying around. He warned members of the community to beware of such accounts to preserve their wealth.
Binance has remained operational, and current data shows the platform has the largest reserve among its peers. As part of its measures to protect its customers in the wake of the market crash, Binance unveiled plans to convert its SAFU funds into Bitcoin.
Shortly after it announced this plan, the crypto exchange bought Bitcoin worth over $200 million in two tranches. The plan is to convert a total of $1 billion in four weeks into the top coin.
Besides this proactive reserve buildup, the exchange has continued to filter digital currencies for listing and delisting. As reported earlier by U.Today, the exchange recently announced the delisting of 10 altcoins covering DeFi, Web3 and the metaverse.
