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Binance’s New Strategy and CZ’s Response on Twitter

Since the beginning of 2023, Binance has been under the surveillance of almost every country in which its cryptocurrency platform is available. Facing numerous criticisms and skepticism from its users, CZ’s exchange has been making bold strategic decisions for several weeks.

The end of the summer for Binance does not seem to be heading towards a happy ending. After having to react to being accused of allowing its Russian customers access to OFAC-sanctioned banks, Binance has also announced the end of its partnership with the giant Mastercard.

Amidst these unsettling events, Binance seems to have begun initiating a new strategy for the future of its company.

Firstly, by ending its support for Binance USD (BUSD), the platform’s reference stablecoin, and pushing its customers to turn to a new stablecoin: FDUSD.

Secondly, by parting ways with its product leader, Mayur Kamat, in the midst of a regulatory turmoil that threatens the sustainability of the company.

Facing these events, CZ has shared his thoughts on Twitter.

CZ responds to his critics

As he usually does when he is in the spotlight, the CEO of Binance has taken to X, formerly known as Twitter, to reassure the exchange’s clients.

He dismisses rumors of “bank runs, lawsuits, closing of fiat channels, product wind-downs, and employee turnover.”

Furthermore, he believes that “Binance probably has the lowest turnover rate among the founding team of any technology startup of this size and age in the world.”

He then takes the opportunity to provide an update on Binance, explaining that “all withdrawals and deposits are processed correctly” and that “all customer funds are 100% secure and reserved.”

Binance initiates its new strategy

During his public address, CZ explained that Binance is gradually phasing out old products and plans to launch new ones very soon. This statement was quickly confirmed through two press releases issued by the company.

Binance distances itself from Polygon

Firstly, Binance has distanced itself from the Polygon ecosystem by announcing the end of support for Polygon on its NFT marketplace.

Users have until the end of the year to withdraw their Polygon NFTs from the platform. However, they will no longer be able to buy or list Polygon NFTs from September 26 onwards.

The company explains that “this decision was made after a thorough review and evaluation and is part of our ongoing efforts to streamline product offerings on the Binance NFT marketplace.”

Binance opens deposits and withdrawals for zkSync Era layer 2

Launched last March by Matter Labs, zkSync Era is an Ethereum layer 2 solution. Quickly becoming popular, it has already accumulated nearly $400 million TVL in just a few months.

In parallel with CZ’s statement, Binance has announced the integration of zkSync Era into its platform. Simply put, it will now be possible to deposit or withdraw cryptocurrencies from the Ethereum layer 2.

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