Coin Edition -
- Changpeng Zhao dismisses “Red Notice” rumors as FUD, calls images fake.
- Despite legal hurdles, Binance retains 54% market dominance.
- Zhao cautioned against unverified information and stressed market vigilance.
Recently, rumors circulated on crypto Twitter that the International Police (INTERPOL) had issued a “Red Notice” for Binance CEO Changpeng Zhao (CZ). Amid this backdrop, following a series of accusations by the Commodity Futures Trading Commission (CFTC) against Binance and Zhao, the firm’s market share has taken a significant hit, plunging as much as 16%.
A “Red Notice” is a request to law enforcement authorities all over the world to seek and arrest a person pending extradition, surrender, or other legal action. However, Zhao refuted these rumors, insisting that the circulating image of him on Interpol’s “Red Notice” web page was doctored and the news was fake. He maintained that the spread of this information was intended to create fear, uncertainty, and doubt (FUD) in the market.
The alleged “Red Notice” for Zhao appeared amid a challenging period for Binance, as the company faces a series of regulatory issues, including a new $1 billion lawsuit and accusations from the CFTC.
Zhao addressed the rumors head-on, urging market participants to ignore unverified information and speculation that could negatively impact the crypto market. He tweeted, “If you panic sell on FUD or photoshopped images, well, you aren’t likely to become rich. Block the FUD sources.” By emphasizing the importance of relying on verified information, the Binance CEO aims to mitigate the potential damage caused by the spread of misleading news.
The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.— CZ Binance (@cz_binance) April 4, 2023
Despite these challenges, Binance remains the largest exchange in the world, with 54% dominance. Kaiko’s research discovered that the market share losses for Binance had been absorbed by Upbit, which is the only exchange out of 17 analyzed to claim a significant share of volume.
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