Changpeng Zhao, known as CZ, former CEO of Binance, has made a candid critique of the exchange token listing process. In a series of posts on social media, CZ has expressed his concerns that the system is “a bit broken,” in light of the recent listing of a new TST meme coin on the crypto exchange. His comments show his vision for reforms.
(source)
The critique came following a pump of a token called Test (TST). TST itself was initially created for educational purposes in a BNB Chain tutorial video. CZ clarified that he had no involvement in promoting or endorsing TST.
Despite this, the token’s market cap soared to nearly half a billion dollars. Shortly after Binance’s official listing, it plummeted.
The King Has Spoken, CZ view on Binance and Meme Coin Post his Resignation
CZ perceives the TST listing as a flaw in the Binance listing process. Binance only gave a short window between the announcement of a listing and its actual listing.
This limited period, typically around four hours, allows for price manipulation on decentralized exchanges (DEXs) before the token hits the crypto exchanges. This kind of manipulation leads to inflated prices and subsequent losses for holders after it drops.
(TSTUSD)
Changpeng Zhao believes that the current Binance listing process promotes speculative trading and price manipulation. This is far from CZ’s vision of genuine investment based on a token’s utility or fundamentals.
CZ reminded that centralized exchanges should adopt principles like decentralized exchanges, automating the listing process to reduce the opportunity for pump-and-dump. By doing so, the crypto market will move towards a more transparent and fair system. CZ’s vision is always to list tokens based on merit rather than market hype and manipulation.
In addition to critiquing Binance’s listing strategy, CZ has also publicly stated his disinterest in meme coins and NFTs. He says he will focus on the fundamentals of blockchain technology.
TST got listed on Binance. A few thoughts:
1. CZ said “fundamentals”, then talks about a test coin turned meme coin.
I posted to clarify that TST was NOT endorsed by me/us. It was just a test token used in a video tutorial. But every clarification post just made it more viral…
— CZ
BNB (@cz_binance) February 9, 2025
Despite his role in building the largest crypto exchange, CZ has maintained that he does not invest in or promote meme coins. He sees them as more speculative and less aligned with the foundational goals of blockchain innovation.
This stance was displayed after the TST token incident. CZ clarified his position to avoid misinterpretation, suggesting his endorsement of a meme coin.
RELATED: CZ New YZi Labs, A Family Labs after Binance
Binance, From AXS to TST Listing
Binance under CZ was known to pump a token after their listing, especially during the 2021 cycle. Coins like AXS by Axie Infinity and DODO made headlines at that time. In March 2021, DODO, which is part of the DODO exchange ecosystem, saw a massive pump after its Binance crypto exchange listing. DODO price increased by over 600% within the first week of listing.
In April 2021, following its listing on Binance, AXS, an Axie Infinity token, gave investors huge returns. The token’s value increased by around 1,200% within a month of its listing. Again, this is CZ’s vision by stealth-listing these coins.
Post CZ resignation, Binance took a different path. Binance now makes announcements before listing, which has led to significant post-listing drops.
For example, Binance listed Zerebro for its AI hype, but the token’s value dramatically declined by approximately 94.4% within about a month.
Early this year, Binance listed Alchemist ($ALCH), which then experienced a 91.3% drop in market cap. Market doubts about the project’s long-term viability and execution capabilities soon overshadowed the initial euphoria of the token’s listing.
Whats the next $AXS
SCANNING BINANCE pic.twitter.com/ujyqw7L6W4
— WIZZ
( beware scammers ) (@CryptoWizardd) July 13, 2021
The crypto community has highlighted these events as indicative of a “pump and dump” scenario, where the token’s value is artificially inflated before listing, only to fall from a Burj Khalifa afterward.
The market probably needs the king to return. Will CZ BNB rename it to CZ BINANCE soon?
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