Binance's CZ: "XRP Is One of the Largest Market Cap Coins, and It's Like That For a Reason"

Binance's CZ: "XRP Is One of the Largest Market Cap Coins, and It's Like That For a Reason"

On March 5, Changpeng “CZ” Zhao, co-founder and CEO of the world’s largest crypto exchange, Binance, recorded his second Ask Me Anything (AMA) session on Periscope.

CZ talked about a number of things, from the delisting of coins on Binance, the Binance DEX, the price of BNB and its use cases, his thoughts on XRP, among others. The full transcript can be found on Binance’s blog, but for this article, we’ll be focusing on what CZ had to say about Ripple’s XRP token.

Binance’s CZ Is Very Supportive of XRP

Towards the end of the AMA, CZ was asked if he had any announcement for XRP.

CZ jokingly replied that if he talked about XRP any more he will become apart of the “XRP army,” a term used to describe diehard XRP fans.

Then in a more serious tone, CZ proclaimed that he did have something to say:

“It’s very typical in our society that as soon as there is any accusation against you, you’re assumed guilty by many parties. I think people are aware that there is a lawsuit against XRP [he meant, Ripple, of course], on whether they’re a security asset or not. Our judgment is they’re not, and until proven that they are, we listed them, and luckily we actually dragged other exchanges to list them.”

Following what’s said above, CZ explained that he believes our society shouldn’t be so quick to judge, saying that just because there’s a lawsuit against Ripple, doesn’t mean they’re guilty. Using this logic, CZ said that he and the team at Binance applied their own judgments and came out as very supportive of the lambasted digital asset.

Concluding his statements about XRP, CZ said:

“There are a lot of guys who complain they’re [Ripple’s XRP token] overly centralized, etc. But look they market. The markets vote with their feet, as I say, and XRP is one of the largest market-cap coins, and it’s like that for a reason.”

Is XRP a Security? CZ Doesn’t Think So

Binance’s CEO has always been very supportive of the popular digital asset, XRP.

Going back to December 2018, when Ripple’s XRP was under fire for not getting listed on Coinbase and potentially being labeled as a security, CZ publicly announced via Twitter that he does not believe XRP to be a security.

With regards to the tweets above from Joseph Young and CZ Binance, it’s interesting to note that Coinbase finally listed XRP on Coinbase Pro and later on Coinbase.com on February 25.

The large US-based crypto exchange wouldn’t list the token for the longest time until recently, when its legal team gave them the go-ahead.

Anyone curious to see CZ’s full AMA can do so below.

Do you think XRP will eventually be labeled as a security? How do you feel about CZ’s positive perspective on XRP? Let us know what you think in the comment section below.

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