Binance CEO Changpeng Zhao announced today that he will not accept interviews from a journalists who don’t hold any cryptocurrencies. This is primarily due to the fact that non-holders do not understand or appreciate this amazing technology and they tend to ask questions that are silly and against the crypto community. Let’s look into this development in detail and how mainstream media and journalists handle Crypto news in an unprofessional and biased manner.
Binance is one of the biggest exchanges in the world, handling huge volumes. Recently, it was reported that the exchange made a profit to the tune of $200 million; that’s more than the profit made by the Deutsche Bank. The bank only made a profit of $146 million dollars in the Q1, 2018. Binance also announced that it is moving to Malta, a Mediterranean island in Europe. The exchange is growing at a rapid pace and seems as if it will continue to dominate the crypto market.
Mainstream Media Against Crypto
The mainstream media and the non-crypto journalists often against this amazing technology. They try to create FUD to make the people panic sell due to their inaccurate reporting of Cryptocurrencies. The Mainstream media really doesn’t know how this works nor have many of them done any transactions using Bitcoin or other cryptocurrencies. Their general perspective is that Bitcoin is used for drug business and also in money laundering, so they support strict regulations against cryptos. They really don’t know beyond this and have not done enough research to know about its benefits and use cases. It might also be a possibility that the Government and Banks might be sponsoring the media to write against crypto since they are afraid of the disruption this technology brings to their business.
Binance CEO’s stance Against Journalist
Binance CEO has taken a tougher stance against the mainstream media and the irresponsible journalists due to their continuous attack on cryptocurrencies and their bad attitude toward them. Recently, Changpeng Zhao has hit back against Nikkei and called it “Irresponsible Journalism”. Nikkei reported a few weeks back that Japan’s Financial Services Agency was about to issue an exit order to this exchange. This is how Changpeng responded to the false news
“Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them,”
This is not the only case when Zhao faced such false allegations, there are countless other times when they created panic by publishing false information and also the journalist would ask silly questions that are irrelevant to the crypto space. So he has taken a stance to accept media interview requests only from journalists who HODL some crypto. This way, he is ensuring that he is speaking to the right journalist who understands how cryptocurrency works and appreciates its use case. Some ignorant media persons keep bombarding Zhao with questions like “are bitcoins only used by drug lords?”.
Below is the tweet from him related to his announcement.
“I learned most journalists are forbidden by their employers to hodl any crypto. Should they be forbidden to own fiat if they write about trade-wars? So now, we have journalists who have never done a single blockchain transaction writing/”teaching the public” about blockchain.”
“Going forward, I am inclined to only accept media interview requests from journalists who HODL some crypto. So that I don’t have to repeatedly answer “are bitcoins only used by drug lords?”
This is a right move by the exchange’s CEO to avoid some noise from media and also to safeguard him from some irrelevant questions that are really just a waste of time.