CZ: Forbes deliberately misinterpreted the facts and called user withdrawal “transfer collateral”

It is reported that CZ, the chief executive of Binance, said on social media that many of Forbes’ accusatory questions are negative and deliberately distort the facts. They mentioned some old blockchain transactions completed by our customers. They do not seem to understand the basic knowledge of the operation of the exchange. Our users can freely extract assets at any time. Their withdrawal turned into “hundreds of millions of transferred collateral”.

Interpretation of this information:

Recently, CZ, the CEO of Binance spoke out on social media regarding the allegations made by Forbes against the exchange. Forbes had reportedly made some negative and accusatory statements regarding Binance, which CZ asserted were not based on factual information. The allegations were related to some old blockchain transactions completed by customers of the exchange, which Forbes seemed to misunderstand. The article seemed to suggest that Binance was transferring funds between wallets, which was not true. CZ clarified that the users of Binance were free to extract their assets at any time and the withdrawal amount of these users was exaggerated to appear as “hundreds of millions of transferred collateral”.

It seems that Forbes may have misunderstood the basic operation of exchanges, which CZ sees as a lack of understanding. CZ’s comments clarified that Binance is a transparent and secure platform where users are free to withdraw their assets whenever they want. This refutes the negative allegations made by Forbes, and CZ believes that Forbes deliberately distorted the facts to create an unfavorable impression of the exchange.

CZ’s response also highlights the need for better understanding of blockchain technology and its impact on the financial industry. A lack of basic knowledge and understanding of the operation of exchanges may lead to negative and uninformed commentary, which could have a detrimental impact on the industry as a whole.

In conclusion, Binance’s CEO, CZ, took to social media to address the allegations made by Forbes. CZ clarified that the allegations were not based on factual information and that Binance is a transparent and secure platform. The comments made by Forbes may be indicative of a lack of basic understanding of the operation of exchanges and blockchain technology. CZ’s response highlights the importance of accurate reporting and better understanding of blockchain technology in the financial industry.