Changpeng Zhao, the co-founder of Binance, recently expressed his thoughts on the crypto asset listing process of the exchange, stating that it is “a bit broken.” This came after the listing of Test (TST), a test token launched by the BNB Chain team for a tutorial video on creating memecoins using the Four.meme launchpad platform, which caused significant volatility in the asset’s price.
Zhao pointed out that Binance’s listing process involves announcing the listing and then listing the token four hours later. During this time, the prices of the token on decentralized exchanges (DEXes) tend to rise, leading to selling pressure on centralized exchanges (CEX). He acknowledged the necessity of a notice period but highlighted the challenges posed by the rapid price movements in the interim.
While Zhao clarified that he did not endorse the TST listing and emphasized his focus on fundamentals rather than memecoins, he also noted that not being personally interested in something does not mean he is against it. He compared his stance on memecoins to his indifference towards sports cars, art collection, NFTs, and most altcoins, as he primarily holds BTC and BNB in his portfolio.
Zhao’s tenure as Binance’s chief executive ended in November 2023 when he pleaded guilty to violating U.S. anti-money laundering laws. Following his guilty plea, he served two months in a minimum security prison in California and an additional two months at a halfway house.
Despite his personal preferences, Zhao reiterated his support for the broader crypto industry and altcoins, indicating that he is open-minded towards memecoins and their potential impact. His willingness to assist various projects and contribute to the growth of the crypto ecosystem remains unchanged.
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Image Credit: Midjourney
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