Changpeng Zhao (CZ), the co-founder and former CEO of Binance, has publicly declared that he has never purchased a meme coin or NFT. In his statement, he emphasizes his dedication to the fundamentals of cryptocurrency over the speculative hype that often surrounds these assets. Zhao noted that his investments are limited to Bitcoin (BTC) and Binance Coin (BNB), and clarified that although he is not personally interested in sports cars, art, or NFTs, he does not oppose them. He highlighted the controversial rise of meme coins, suggesting that increased regulatory scrutiny on utility tokens has pushed projects towards launching meme coins instead. Zhao pointed out that the SEC has seen many utility projects as securities, contributing to this shift. Despite stepping back from Binance's daily operations, Zhao's influence remains significant. His comments come amidst the fallout from the Test (TST) token incident, where a project intended as a tutorial unexpectedly surged in popularity, leading to chaos in the market. He criticized Binance’s listing process, which allows for price manipulation before official trading begins, while he continues to advocate for focusing on building valuable projects in the crypto space.

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