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Binance CEO proposes to buy cryptocurrency on credit

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Binance CEO proposes to buy cryptocurrency on credit

Binance CEO proposes to buy cryptocurrency on credit
CONTENT

  • The founder of the exchange offered his subscribers to buy cryptocurrency with borrowed funds

  • Questionable advice sparked a flurry of negative comments

  • Zhao has repeatedly made statements that damage the image of the exchange

International consortium of news organizations developing transparency standards.

Changpeng Zhao, CEO of Binance, urges his subscribers to buy cryptocurrencies with credit cards as “there is infinitely much money around.”.

Binance CEO proposes to buy cryptocurrency on credit

Changpeng Zhao (CZ) is known for his provocative tweets and sometimes blatant ads. He is often criticized for being irresponsible. Therefore, it is not surprising that he recently made another similar comment..

“This is not a financial recommendation”

While CZ said his last comment was not a financial recommendation, that is what it is. The phrase “there is infinite money around” implies that users should deposit cryptocurrency on their credit cards. “Why not,” he tweets. He also retweeted a recent announcement that Binance is offering to buy cryptocurrency using Visa cards with various fiat currencies..

With infinite amount of money around the corner, might as well.

(not financial advice) https://t.co/pCZ1Z9aoGn

– CZ Binance (@cz_binance) March 25, 2020

Binance CEO proposes to buy cryptocurrency on credit

Users criticized his comments, calling them frivolous. Amid the global economic crisis, it is likely that the CEO of the exchange is urging users to buy cryptocurrencies on credit. And it’s completely out of touch with the reality that ordinary people live in..

Bro, you’re legit suggesting people use credit cards to buy crypto from your exchange. In the middle of global pandemic.

Might wan’t to run this by the guys at the office. Could be one of those things that might turn out to be a bad idea.

– Henrik Andersson (@ ha1331) March 25, 2020

Absolute misunderstanding?

CZ is often criticized for his reckless Twitter comments – sometimes witty and sometimes downright reckless. Some of them are quite harmless, such as his constant advice to buy Bitcoin, which is usually a clear signal to sell..

He was also caught trying to pump the Binance Coin (BNB) cryptocurrency by publishing a news story, which he then quickly deleted after criticism. He even gave recommendations on trading, advising subscribers not to sell BNB, otherwise they will “crash” (in the end it was terrible advice).

However, some comments were even more disturbing. For example, last month CZ, along with Tron (TRX) founder Justin Sun, called for “regulation of cryptocurrency news.”.

He stated that there is too much fake news in the cryptocurrency space, and that it should be controlled by some kind of regulatory body, which caused general condemnation..

Binance CEO proposes to buy cryptocurrency on credit

Overall, CZ doesn’t have a very good reputation on Twitter. He did not even provide reliable information about the location of Binance. CZ’s latest comments show once again that he is out of touch with ordinary people and does not understand how they feel about cryptocurrencies. With the global financial crisis and an unprecedented pandemic, many people are losing their jobs. Now is not the time to accumulate debt by buying cryptocurrencies – and arguing the opposite, the director of the exchange, in principle, is simply acting irresponsibly.

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