Binance CEO Changpeng Zhao said that the bankrupt cryptocurrency exchange FTX paid $43 million to a news agency for spreading negative information about Binance. He did not disclose the name of the agency, but said it was due to increased competition from FTX and "various traders who will always strive to spread bad news for their own benefit."
Zhao commented that Binance is not happy with the press, which is obviously conducting a smear campaign regarding FTX events. He noted that it is unlikely that the news media will ever change their behavior; however, it will not prevent the promotion of his firm.
"I don't think it will ever go away, although in the future we will probably be less exposed to it," he said.
The CEO of Binance noted that crypto traders are starting to respond less to FUD (fear, uncertainty and doubt) strategies and are not as prone to being cheated by platforms such as FTX. Zhao said that people are beginning to make their own conclusions about digital asset transactions and are becoming increasingly immune to headline-baiting.