In the recent tweet, Binance a Europe-based global cryptocurrency exchange company CEO Changpeng Zhao announced the regulation publishing ‘fake news’ in the cryptocurrency space. From the sources, it is still a big question mark on Zhao’s tweet.
As cryptocurrency is the largest industry and widely spread across the world, the news on cryptocurrency without confirming the figures and sources is indeed incorrect information provided to the readers. Hence through this act, most of the market suffers from hype cycles and false partnerships including the reports which are full of sensations. Binance CEO Chanpeng Zhao believes that it is enough to merit regulations.
The tweet states that Zhao ruled out those who have a futuristic vision of the world and move forward to call this a “genuine news”. This also concludes Zhao that the fake news is needed to regulate. Mike Dudas, Founder of The Block, who directed the Jab captured the attack in a below screenshot:
Publishing fake news is not unique in the cryptocurrency industry, and it can be even dangerous precedent to give it a try to regulate it. Furthermore, it is even more dangerous to have the industry with self-regulated that can bring more benefits from it. Getting genuine figures and data, and recent updates regarding any of the cryptocurrency news can also benefit readers to make a move. Taking references from fake news might fall down the day of the users.
Binance CEO has stated these comments after a tumultuous week for the world’s largest cryptocurrency exchanges. Right from the USDT shortages for margin trading to internal exchange issues with processed orders and balances, the media has been following these developments in the closet. Also, one more news regarding Binance’s headquarters was published after it was revealed that the exchange is not based in Malta, Europe.
Zhao’s statement of giving a stop on fake news may bring some amazing insights into the cryptocurrency industry. Exchange companies should loop onto this issue and get the best for the industry as the alternative seems worst.