During a recent AMA session on Binance Square, Changpeng Zhao (CZ), founder and former CEO of Binance, addressed a broad range of community questions covering market volatility, misinformation, Bitcoin’s long-term trajectory, and Binance’s operational principles.
The session came amid heightened market uncertainty and increased online speculation surrounding major crypto platforms and industry figures.
Addressing Market FUD and Paid Online Attacks
CZ began by responding to the recent wave of criticism targeting both himself and Binance, attributing much of it to coordinated online attacks commonly referred to in Chinese as “shui jun,” or paid “water army” accounts.
He warned users to be cautious of newly created accounts with low follower counts that often spread misleading narratives. CZ also cautioned influencers against participating in paid attacks, stressing that such behavior carries long-term reputational risks.
He added that some criticism also stems from traders who suffered losses during recent market movements and are seeking external blame rather than taking responsibility for their trading decisions.
FUD’s Broader Impact on the Market
CZ noted that large-scale FUD often produces unintended consequences. While misinformation can create fear across the market, it can also amplify price declines — ultimately harming even those spreading the negativity.
At the same time, he observed that intense criticism can strengthen conviction among long-term supporters, as communities often rally during periods of external pressure.
Bitcoin Supercycle Outlook Becomes Less Certain
During the AMA, CZ shared his evolving view on the Bitcoin supercycle narrative.
He stated that while he previously felt confident about the possibility of a supercycle forming, growing geopolitical tensions and macroeconomic instability have made long-term market forecasting increasingly difficult.
CZ emphasized that the current global environment remains highly volatile, making predictions across all asset classes more uncertain.
Bitcoin Versus Gold: Adoption Still the Key Difference
CZ also addressed his recent discussion with gold advocate Peter Schiff, reiterating his view that Bitcoin offers stronger technological fundamentals than gold.
However, he stressed that Bitcoin’s global adoption remains relatively limited compared with gold, which has served as a store of value for centuries.
In times of global instability, he explained, investors often gravitate toward assets with long-established reputations, which helps explain continued demand for gold during uncertain periods.
CZ noted that Bitcoin’s recognition as a global safe-haven asset is likely to depend on time and broader adoption.
Binance’s Approach to User Protection and Transparency
Questions surrounding user protection and exchange stability featured prominently in the AMA.
CZ reiterated that Binance operates as a fully reserved exchange supported by proof-of-reserves mechanisms, allowing users to verify holdings transparently.
He referenced December 2022 as a significant stress test, when Binance processed more than $15 billion in withdrawals over one week — including approximately $7 billion in a single day — without halting operations.
According to CZ, these events demonstrated the importance of full reserves and system resilience during extreme market conditions.
Binance Alpha and DeFi Access
CZ also addressed community questions about Binance Alpha, clarifying that the platform is designed to provide access to the DeFi ecosystem rather than serve as a traditional token listing mechanism.
He emphasized that availability does not equate to endorsement and encouraged users to conduct independent research before participating in any DeFi project.
CZ added that market forces ultimately determine which projects succeed, with stronger protocols attracting users over time while weaker ones naturally fade.
Clarifying the October 10 Market Crash
During the session, CZ responded to rumors linking Binance to the October 10 market crash.
He clarified that he no longer manages Binance operations and spoke from his perspective as a shareholder and user. CZ attributed the market turbulence to external macro developments, including tariff-related announcements, rather than exchange-driven activity.
He also rejected claims of personal trading or market manipulation, emphasizing that both he and Binance hold Bitcoin as long-term reserves rather than speculative positions.
While acknowledging minor system delays during peak trading volume, CZ stated that such issues are unavoidable during extreme surges and reaffirmed Binance’s commitment to compensating affected users.
