Binance CEO Changpeng Zhao has called out renowned economist Nouriel Roubini who has been a vocal adversary of the cryptocurrency industry for years. His strong opinions included referring to Bitcoin as a “shitcoin,” discrediting Ethereum and dismissing blockchain technology as no more than a glorified spreadsheet. However, in a surprising turn of events, Roubini has announced the rollout of his cryptocurrency, a move that has triggered a sharp response from Changpeng Zhao, known in the crypto world as CZ, the co-founder and CEO of Binance.
Changpeng Zhao calls out Roubini over his token launch
Changpeng Zhao recognized as the wealthiest figure in the crypto space, took to Twitter to express his disdain for Roubini’s sudden change in perspective regarding cryptocurrencies in general and specifically his stance on Binance. Last year, following FTX’s collapse, Roubini, often labeled “Dr. Doom” due to his consistently pessimistic financial market outlook, publicly criticized Zhao during a CNBC live event in Abu Dhabi, calling him a “walking time bomb” and presenting a scathing analysis of the crypto industry.
Roubini’s verbatim statement included a mention of the “seven Cs of crypto” branding, where he referred to concealed, corrupt, criminal, and fraudulent elements alongside labeling figures like CZ as carnival barkers. Despite Roubini’s prior verbal attacks on Binance and Changpeng Zhao, his latest crypto venture, Atlas Capital, showcased a team member’s experience at Binance, as a testament to the legitimacy and expertise within the newly established company.
CZ’s response and the industry dynamics
This move sparked Changpeng Zhao’s fiery reaction on Twitter, accusing Roubini of hypocrisy for featuring Binance’s logo on the Atlas Capital website without obtaining permission. Changpeng Zhao emphasized the apparent contradiction of Roubini’s actions, coupled with the use of emoticons to further convey his discontent. In response to Zhao’s public scrutiny, Atlas Capital swiftly removed logos of external companies, including Binance, from their “Team” page.
Despite this removal, the company maintains statements on its website emphasizing the extensive experience of former Binance employees. Notably, Mayur Kamat, Atlas Capital’s Senior Vice President of Product, previously held a significant position as the Global Head of Product at Binance, working directly under CZ. This clash between Roubini and Zhao underscores the stark contrast in their positions within the cryptocurrency sphere. Roubini’s shift from critiquing the industry to actively engaging in a crypto venture has sparked criticism from figures like Changpeng Zhao.
The move also highlights the hypocrisy in leveraging Binance’s prior association while maintaining a confrontational stance against the platform. The dynamic nature of the crypto landscape, coupled with the clash between these influential figures, emphasizes the ongoing power struggles and shifting alliances within the rapidly evolving cryptocurrency market. The incident serves as a stark reminder of the intricate relationships and conflicts that underlie the industry, where public statements and behind-the-scenes associations often clash.
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