Ex-Binance boss: Customers of crypto exchanges bear the trading risk – not the exchanges
- Binance founder and ex-boss Changpeng Zhao has defended himself unusually clearly against allegations that have been made in recent days falling prices were levied against the crypto exchange.
- In several statements he made it clear that losses in stock market trading are not caused by the stock exchange, but are the responsibility of the customers. Some complaints blamed frozen wallets and trading losses on Binance.
Changpeng Zhao disagreed sharply: Many negative claims about Binance were “fictitious,” and experienced investors would now “triple-check” such reports before believing them.
Zhao clarifiedthat account suspensions and delayed payouts would not be influenced by social media pressure. Such measures are almost always due to standard procedures for money laundering prevention, regulatory requirements or ongoing official investigations.
A customer who had publicly asked Tether boss Paolo Ardoino to “unlock his wallet again” was told by Zhao that it was “most likely a police operation” that just needed time.
Market environment favors complaints against Binance
The debate comes during a period of increased market volatility. The prices of Bitcoin, Ethereum and BNB have declined significantly in recent weeks, which is known to be leading to an increase in blame directed at crypto exchanges.
As the world’s largest crypto exchange, Binance usually gets the most. While some customers welcomed Zhao’s call for more personal responsibility, others accused him of being insensitive to unsettled traders.
Meanwhile, those familiar with the relationships between crypto exchanges and their customers point out that Binance shows how robust the company operates, especially in stressful phases.
Changpeng Zhao’s comments show a clear point of view: Binance refuses to be used as a scapegoat for customers’ bad decisions.
He also refers to processes prescribed by regulations that are outside the company’s responsibility.
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