This morning, Binance CEO and founder Changpeng Zhao stated that all rumors and lies indicating that Binance was issued a warning by the Japan Financial Services are a complete fabrication.
This morning you may have noticed a drastic drop in value of all Altcoins as well as Bitcoin and Ethereum within a matter of minutes. The drop followed false information that was being perpetuated by what we like to call ‘telephone game news'. This is how it works - one news agency with an ulterior motive pushes a "clickbait" headline to draw an audience to their site. In these articles, readers will see the use of terms like "rumors suggest" or "sources say" followed by a few outragous comments about a certain exchange or cryptocurrency. Others wishing to cash in on this clickbait gravy train will copy that same story. By the time it's distributed over a few dozen times, with extra hyperbole added for emphasis, the entire cryptocurrency market is in the decline and panic sets in.
Moral of the story - ignore the clickbait. Stick to news straight from the source with links providing proof of any claims being made. If the article you are reading fails to show proof with links and sourced quotes it is more than likely a false story. In the case of a writer who copied the false story itself, just lazy journalism.
In a Tweet post time stamped at 4:33am on the 22nd of March, 2018, Changpeng Zhao writes,
“Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them.”
The article in question (which I will not link to) told readers that Binance wasn’t complying with a request by the FA. They said that if such requests were not answered, the exchange was going to be hit with criminal charges in collaboration with the authorities. Again, all of this has been proven to be a false story. Binance is doing just fine.