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Binance CEO, CZ Reacts to Twitter Hack – Spotlight

Binance CEO Reacts to the Twitter Hack

On Wednesday afternoon, Binance’s official handle posted odd crypto give away. Suspicion spurred as quite a similar tweet made its presence on Binance CEO, Changpeng Zhao’s (CZ) twitter handle too. CZ and his social media team immediately went into action. CZ warned his followers from his personal media page about the Twitter account hack.

A day after the Twitter hack, Altcoin Buzz conducted an exclusive interview with CZ to get his reaction and gather deeper insights into Binance and the crypto industry.

According to CZ, this was not the first time a hacker tried to penetrate his personal or official Binance account. In the past, random users have attempted to login to the Binance official handle using random passwords. As a result of these malicious attempts, their Twitter handles would get locked and it would take long to get the accounts restored.

CZ believes Twitter has some major security weaknesses and they must be addressed immediately. At the time of publishing, CZ and Binance accounts were back to their normal activity.

Binance is one of the largest cryptocurrency exchanges in the world trusted by millions of users. Its token BNB is one of the top 10 ranked cryptocurrencies. As the companies growth has been phenomenal, we had a lot to discuss with CZ.

How can coins get listed on Binance?

According to CZ, Binance follows a very transparent listing process. It might seem like a black box as it reveals no contact person information but that is what helps maintain transparency. As per CZ, once a project enters the details in the form, the research team rigorously assesses the project before listing it.

Important listing parameters

Changpeng Zhao shared that the team receives lots of listing requests but Binance has its own set of parameters on which it gauges a project. According to him, the primary parameter is the user base. Currently, if a project has a user base of half a million, it has very high chances of getting listed.

However, if the project does not have a huge user base then the situation gets a little tricky. In such a case, the researchers look into product details. If there is no product, then the team history is considered for the listing process.

Bitcoin-Altcoin price correlation

Currently, Bitcoin is struggling to climb over $10,000 mark while Altcoins are pumping. According to CZ, this is actually how the market works. Whenever Bitcoin pumps, altcoins come down. But according to him Bitcoin and altcoins are still very much price correlated. He adds that the positive current price movements could have been triggered by the DeFi explosion or Quantitative Easing.

How has trading on Binance changed since the bitcoin halving?

CZ shared that Binance has been witnessing growth in users since early 2020. Additionally, he believes this growth could be an aftereffect of COVID-19 and Quantitative easing. According to the data he shared, Binance has seen a growth of 47% from Q4 of 2019 to Q1 of 2020. Moreover, in Q2 of 2020, it witnessed 113% growth primarily coming in from institutional clients.

As per CZ the current price action and user base growth do not seem to be driven by Bitcoin halving. He believes, that halving will have a more long term impact.

How is BNB doing? What are your favorite utilities of BNB?

In the last 14 days, BNB has gained 7.9% and been among the top-performing coins. But CZ says the BNB proponents are still not completely aware of all the utilities of BNB.

He recently posted a tweet asking his followers whether they knew that by holding BNB they can get a 25% trading discount on the platform. To his surprise, almost 33% of his followers did not know this utility of BNB.

According to CZ, Binance has grown from being an exchange to an ecosystem. It has delivered an array of products and services to its user base. These are the BNB chain, the smart chain (upcoming), Binance DEX, partners that allow flight and hotel bookings, and now the BNB crypto debit card.

When the next IEO?

It has been observed that the last IEO launched on Binance Launchpad was somewhere in the month of April. According to CZ, the exchange plans to launch at least 1 IEO per month. However, there are certain aspects that are beyond the control of Binance Launchpad. The team has been talking to different projects to launch their IEO and the preparation takes close to 6-9 months. As per him, there exists an IEO pipeline and we may soon see a launch.

DeFi – High risk, high return

CZ agrees that DeFi is the hottest sector right now. However, he believes that as it a very new sector, most of the projects might fail thus there is a huge risk involved too. According to CZ, Binance Chain wants to build high-performance applications and that is why they built DEX. Soon they will be releasing EVM compatible Smart Chain. This will provide a DeFi like platform to the users.

Will ETH 2.0 be a success?

CZ shares that in 2015 he believed ETH 1.0 was very ambitious. He was skeptical that the project might not succeed. But to his surprise and for the hard work put in by Vitalik Buterin,  ETH 1.0 was a grand success. On similar lines, CZ is skeptical about ETH 2.0. He believes, it is a very hard product, and once released it might face backward compatibility issues.

Do you think Binance is among the front runners for mass adoption and user experience in the crypto industry? Do let us know your thoughts in the comment section below. Also, let us know who you want us to interview next. 


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