Changpeng Zhao thinks Binance’s crypto asset listing process is “a bit broken.”
Zhao, who co-founded the exchange, recently took to the social media platform X to discuss Test (TST), a test token launched by the BNB Chain team for a tutorial video on how to create memecoins using its Four.meme launchpad platform.
Binance recently listed TST, sparking massive volatility in the asset’s price.
Explains Zhao,
“I think the Binance listing process is a bit broken. They announce, then list four hours later. The notice period is necessary, but in those four hours, the token prices go high on DEXes (decentralized exchanges), and then people sell on CEX (centralized exchange)…
Not sure if there is a solution for this though. Just beware.”
The former Binance executive also clarified that he didn’t endorse the TST listing and remains focused on fundamentals rather than memecoins.
Zhao notes that doesn’t mean he’s against the asset, however.
“Not ‘into’ something doesn’t mean I am against it. I am not into sports cars; I don’t collect art; I haven’t bought any NFTs (non-fungible tokens); I also haven’t bought most altcoins (I hold BTC and BNB). But I am not against any of the above. And I think most of you’d agree, that I have worked hard and ‘gone to some lengths’ to help many altcoins and the crypto industry in general. I adopt the same view towards memecoins.”
Zhao served as Binance’s chief executive until November 2023, when he pled guilty to breaking U.S. anti-money laundering laws. Last year, he served two months at Lompoc II, a minimum security prison in California, and an additional two months at a halfway house.
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