An undeniable fact is that the problem of fake news is rampant in the world of cryptocurrencies. The majority of investors in the market are still facing exaggerated stories and exaggerated partnerships, plus sensational uncontrolled news. However, is it right to censor information in the cryptocurrency market?
"Be censorship junk"
In a recent tweet, Binance CEO Changpeng Zhao criticized those who had a limited view of the cryptocurrency market and dared to pat his chest to claim the name "news site". This led CZ to decide:
We need to censor spam.
Immediately, Mike Dudas, founder of The Block - a site that once "messed with" Binance and probably is also the main object that is targeted by CZ in his speech.
The CEO of the largest business in crypto, @cz_binance, goes low.
Now, he is calling for regulation of my tweets. Amazing. pic.twitter.com/xDQf44r48h
— Mike Dudas (@mdudas) February 25, 2020
The largest cryptocurrency CEO, @cz_binance, spoke up.
Remember that CZ and @justinsuntron set up the foundation of the "Anti-FUD Foundation" and paid people to harass me for weeks after we made accurate coverage of the @Binance headquarters scandal.
Now he's calling for censorship of my tweets as well. Do you scare.
For now, no matter how determined we are, we can't figure out how someone will censor the news or who will be the arbitrator for events in this industry. At the same time, censoring news in the cryptocurrency market, good or bad, will go against the guidelines of this market.
A bad precedent
Fake news is not a problem in the cryptocurrency market alone, and this will be a dangerous precedent if someone tries to regulate everything that happens on this network. Things are even more dangerous if the market is governed by those who will benefit most from those adjustments.
Zhao made these comments after a tumultuous week for the world's largest cryptocurrency exchanges. From the lack of USDT for margin trading to the internal affairs of the exchange with orders and balances processed, crypto news sites have been following these moves extremely closely. In addition, there was also recent news regarding Binance headquarters, after it broke out that the exchange was not based in Malta.
Of course, these stories have caused big problems for Binance, however, it is not natural that they are pulled out and the news is not false. What the exchange and the companies should do is to be transparent with information and operate honestly, because the tree is afraid of death.