![]() What were the biggest lessons you drew from them at the time? When you look at the early days, how did you make decisions on people? As a global company, how do you embed your culture as you continue growing? Can you give us a sense of the scale that you’re operating at now? So the phase you’re in, growing the market as a whole is actually more important than adding individual users? What are the strategies that you’ll deploy to grow that market? For a startup founder today, what advice would you give when it comes to raising capital? What words of advice would you give to entrepreneurs trying to build something right now? What was the purpose you found for yourself in this process? “Sometimes, when others Zig, you Zag,” the disgraced founder, who is now facing up to 20 years in prison for misrepresenting the health of his exchange, wrote at the time.How do you build something that grows so fast in an environment where trust still needs to be established? Can you give us some examples of the big decisions you made that contributed to your global growth? These kinds of decisions must impact your company culture. ![]() Or does it? In June of last year, just months before FTX collapsed, the exchange’s then-CEO Sam Bankman-Fried said he planned to “keep growing” even as other companies began to cut back. And CZ’s latest announcement of a hiring spree doesn’t line up with an exchange that’s on the ropes. But a Binance spokesperson told Fortune’s Jeff John Roberts in December that the exchange has never used BNB as collateral. On top of the demonstrable losses in the token, there are concerns that Binance could be using it as collateral for loans, just like the now bankrupt FTX did with its own native token, FTT. Still, there’s no denying that Binance’s BNB token has dropped more than 22% since its November high-the data comes from, which is owned by CZ through Binance-and Binance revealed in a transparency statement of select crypto holdings in November that it held $17 billion in BNB.īNB is a token native to Binance’s blockchain and is used by users to make trades or pay fees on the platform. “Alright, will do 4, and ignore from here,” he said. 4 tweet that he wrote where one of his New Year’s resolutions was: “4. The acronym FUD stands for “fear, uncertainty, and doubt.” Crypto bulls often use it to respond to criticism, arguing that the media and crypto critics are attempting to create “fear, uncertainty, and doubt” in their community.ĬZ went on to reference the number 4 on Wednesday, which refers to a Jan. And just a few hours before the story went live, CZ took to Twitter to say: “More FUD incoming, will ignore!” “Think they may need an app to check the crypto market,” he tweeted in response to the article. 13.īut CZ was quick to brush off the claims on Wednesday. On Wednesday, Forbes published an analysis including data from these firms which said that Binance is “bleeding assets,” losing 15% of its total since Dec. ![]() Multiple cryptocurrency data firms have also claimed that, like its peers, Binance is losing assets quickly as crypto prices fall. Coinbase, the largest U.S.-based crypto exchange, announced on Tuesday that it will lay off 25% of its workforce, with CEO Brian Armstrong saying the move was due to the prolonged bear market in the industry and a “broader economic downturn.” “We will continue to build and hopefully we will ramp up again before the next bull market.”īinance’s planned hiring spree comes as other major crypto businesses are pulling back. “There’s definitely damage, the industry will be fine,” CZ told CNBC at the Crypto Finance Conference in St. Despite the broad rout in the crypto space known as the Crypto Winter, CZ remains confident that his firm-and the whole industry-will weather the storm. Changpeng Zhao, better known as CZ, said on Wednesday that after increasing his firm’s headcount from 3,000 people to nearly 8,000 last year, he expects to add another 15% to 30% to that number in 2023.
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