Binance Founder CZ Says ‘I am Not Against Meme Coins,’ But Declares He’s Not Investing in Them

Even with the crypto market going through a lot of ups and downs, new meme coins are starting to gain more attention and even see some big price boosts. One meme coin making headlines is Test (TST), a new coin on the Binance Smart Chain. There have been rumors that it’s linked to Changpeng Zhao Changpeng Zhao Changpeng Zhao is a well-known Chinese Canadian entrepreneur who is also known to be the founder of Binance, established in 2017 alongside Yi He, It is the biggest cryptocurrency exchange in the world based on trading sector and volume. Before this, CZ served as the Head of Development at Blockchain.info and later worked at OKCoin as the Chief Technology Officer. Under CZ’s leadership, Binance launched an ICO( initial coin offering ) that was able to successfully raise $15 million and rapidly became the largest exchange within a few months. Changpeng has always been an advocate for decentralized finance and blockchain Technology. Changpeng is a top blockchain speaker to is actively initiating contributions in the development of the rapidly growing crypto and blockchain space, where he recently attended the Token2049 Singapore event to share his insights on the tech.   Personal Details:Born: 1977Organization: BinanceLocation: UAEEducation: Changpeng graduated with a BSc. A degree in computer science from McGill University  Experience: CEO of Binance from Jul 2017 to Nov 2023 Founder- Bijie Tech from Sep 2015 to Jul 2017 Head of Development - Blockchain from 2013 to 2014 Partner - Fusion Systems from Nov 2005 to Dec 2013 Head of Trade Book Futures Development- Bloomberg from 2001 to 2005   EntrepreneurInvestorChief Executive Officer the founder of Binance. But CZ has stepped in to clear things up and address the growing buzz around TST.

CZ Sets the Record Straight About TST

CZ recently posted online to explain that TST was never officially endorsed by him or Binance. “It was just a test token used in a video tutorial,” he said. Despite his clarification, TST’s popularity only grew. “Every clarification post just made it more viral for whatever reason,” CZ jokes.

As for the listing of TST on Binance, CZ explained that he wasn’t involved in the decision. “Exchanges want to list popular coins with high trading volume,” he said. “If your coin is in demand, you don’t need to talk to exchanges. Just focus on your project.”

Is CZ Moving Away From Fundamentals?

With the rise of meme coins, many wondered if CZ was shifting his focus away from the core principles of crypto. However, CZ made it clear that this was not the case. “I’m a builder,” he said. “I always focus on fundamentals.”

Does he have any interest in meme coins? CZ said he hasn’t bought any. “I haven’t bought a single meme coin yet,” he confirmed. He also said  that just because he’s not into meme coins, it doesn’t mean he’s against them. “I’ve worked hard to support many altcoins and the crypto industry as a whole, and I have the same view on meme coins.”

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Why Are Meme Coins So Popular?

So why are meme coins like TST becoming so popular, especially compared to utility tokens? CZ had a few thoughts on this. He pointed out that in recent years, regulators have cracked down on utility tokens, calling them securities, which led some people to turn to meme coins as a safer option.

He also explained that meme coins are harder to value, which makes them attractive to speculators. “Things with clear value are harder to speculate on,” he said. “Memes are fun, and there’s a whole community around them.”