Chengpang Zhao, CEO of crypto exchange Binance is the proud new owner of a Twitter account with a verified blue check mark symbol on it.
Despite Zhao being the third richest person in the cryptocurrency industry with a net worth well over $1 billion, his Twitter account was among those of regular folk since he first signed up back in August of 2017.
Good Old Fashioned Third-Party Credibility
In his tweet confirming verification status, Zhao reminds the crypto faithful not to trust anyone that promises to send you more ETH because you generously give yours to them:
“One more time, NO ONE will not sent you more ETH just because sent them some. The world doesn’t work that way. Binance “quietly” launched a charity, it is for people in real need, not just because you sent one transaction.”
Zhao is referring to the numerous scams that are currently floating around on various platforms where users send tokens to people they don’t know. An anonymous user on Twitter posing as Tesla founder Elon Musk now owns more ethereum tokens after offering to send out a return on investment to participants only to leave them hanging.
Restoring Reputation
Zhao maintains a great reputation in the crypto community for creating the industry’s most popular exchange platform. Yet Binance has recently come under fire for a few reasons.
Most recently, Binance shut down for a full day thanks to what was called a system upgrade. Many suspected it was due to a hack. This all happening just one month after Binance became the largest exchange in the industry.
To make up for the error, Zhao and his team are discounting trading fees until February 24th.
Knowing Who To Trust
Zhao’s Twitter verification may not seem like a big deal. Consider for a moment though what is happening in the industry right now.
Firstly, government regulators are now coming down harder on their citizens when it comes to the regulation of exchanges and tax policies.
Secondly, hacks are still costing users millions of dollars.
And finally, investors are still losing money to pyramid schemes like BitConnect and USI-Tech. Not to mention initial coin offerings that either steal coins or fail to deliver a working product.
A little blue check mark next to a Twitter account is nothing to write home about. At least now there is one less unverified crypto influencer out there.
Remember to watch out for fake accounts people.
Featured image from Shutterstock.