Binance’s CZ Clarifies Stance Amid TST Controversy: “I Haven’t Bought a Single Meme Coin”

Changpeng Zhao (CZ), co-founder and former CEO of Binance, has responded to increasing speculation about his connection to meme coins. He emphasized that he had never purchased any. 

The clarification follows a recent incident surrounding the TST token. This token gained traction after being featured as an example in a now-deleted tutorial by the BNB team on launching meme coins via the Four.Meme platform. 

CZ Responds to Speculations Amid TST Incident

As BeInCrypto reported earlier, Zhao clarified that he had no involvement in the surge of TST.  In the latest X (formerly Twitter) post, he addressed the situation again, prompting further discussion.

In the statement, CZ emphasized that his focus remains on building and prioritizing fundamentals over market hype. 

“I haven’t bought a single meme coin so far,” the post read.

Nonetheless, CZ clarified that this does not mean he is against meme coins. He compared his stance on meme coins to other assets like sports cars, art, and non-fungible tokens (NFTs)—none of which he actively invests in, yet he holds no opposition to them. 

CZ also distanced himself from Binance’s listing decisions. He explained that exchanges compete to list popular assets with high trading volumes. This often leads to rapid token listings.

Meanwhile, the former CEO acknowledged the shortcomings in Binance’s listing process.

“I think the Binance listing process is a bit broke,” he wrote.

He explained that Binance announces a listing and then goes live just four hours later. While a notice period is necessary, this short timeframe often causes token prices to surge on decentralized exchanges (DEXs) before traders take advantage of the increase by selling on centralized exchanges (CEXs). Although a solution to this issue remains uncertain, he cautioned traders to be aware of it.

On the topic of why investors gravitate toward meme coins instead of utility tokens, CZ speculated on several factors. He pointed out that regulatory challenges have made utility tokens a lawsuit target. This, in turn, has driven some projects toward meme-based assets. 

Additionally, he noted that speculators prefer assets with volatile price movements, as stable-value assets tend to have less trading activity and liquidity. He also acknowledged the cultural significance of meme coins, recognizing their dedicated communities and entertainment value.

This isn’t the first time Zhao has spoken about meme coins. Previously, he cautioned against excessive hype, stating, “Meme coins are getting ‘a little’ weird now.” 

Despite this, Binance’s latest market report highlighted the rapid rise of meme coins. It revealed that over 37 million tokens have already been launched. Lastly, projections suggest this number could exceed 100 million by year-end.

The post Binance’s CZ Clarifies Stance Amid TST Controversy: “I Haven’t Bought a Single Meme Coin” appeared first on BeInCrypto.