CZ has clarified that Binance is looking at 50 to 100 deal proposals from crypto projects affected by the ongoing crypto winter.
CZ was correcting reports by the Block that had misquoted him as saying that Binance was looking at 5,200 deals.
The founder and CEO of Binance, CZ, has clarified via Twitter that the exchange was looking at 50 to 100 deals from crypto companies affected by the ongoing bear market.
His clarification comes from publications such as The Block, misquoting him as saying that the exchange was looking at ‘5,200 deal proposals amid the market downturn.’ CZ’s clarification on the matter can be found in the following tweet.
Game of telephone. During my live interview with Yahoo earlier, I said 50 to 100. The clip is online. It become 5200 somehow by one journalist somewhere… And even CMC reposted the "news". 😂 pic.twitter.com/VXpATG7dBp
Easy to See How it Happens. Probably My Fault for Poor Pronunciation – CZ.
In a follow-up Tweet, CZ explained that he understood how he might have been misquoted, explaining that he was probably at fault due to poor pronunciation. He said:
Fifty to a hundred => Fifty two hundred
Easy to see how it happens. Probably my fault too for poor pronunciation. And big numbers spread. Made my day.
Binance is Looking for Ways to Help Struggling Crypto Companies.
CZ’s misquoted statement comes from Yahoo.Finance interview where he explained that the crypto exchange was looking for ways to help struggling companies through loans, minority investments, or majority acquisitions.
He also pointed out that crypto projects knew Binance had substantial cash reserves and was the main reason the exchange was being approached for funding. He explained:
Everybody knows we have the largest cash reserves in the industry. We just launched the Cristiano Ronaldo deal yesterday. That is a multi-hundred dollar, multi-year deal. So we have cash reserves. Everyone already knows that in this industry and they are talking to us.
Clear Regulatory Guidelines on Reserves for Crypto Projects.
Concerning crypto regulations in a time when projects are becoming insolvent and possibly bankrupt, CZ emphasized the need for regulatory clarity and more communication from projects in distress. He said:
I think there should be clear regulatory guidelines on reserves for different types of businesses in the crypto space. I don’t think there are such clear guidelines today in most countries and also there should be requirements for transparency and disclosure.
We have seen certain projects when they are under stress, the stop communication which is really bad…especially if you are under stress, you got to communicate more frequently with users. So that is something we are trying to push the industry players to do but more regulatory guidelines in this area will definitely help.