Binance CEO Bashes VCs And Says ICOs Are ‘Necessary ‘

He didn’t shy away from skeptics who look at initial coin offerings as scams. Changpeng stated,  “We are still in early days of the industry. You can’t make advancements without encountering problems. Properly dealing with issues is how progress is made, if we had given up e-commerce/internet because there was identity theft or credit card fraud, where would the world be today?”Binance has been one of the most profitable cryptocurrency exchanges in the market as of this far.  The company recorded profits of $200 million in the first quarter of 2018, which was more money than deutsche bank, Germany’s largest bank, made during the same quarter.

Changpeng said that most professional venture capitalists has no idea what they or investing in or what the project is actually looking to accomplish. He has been quoted saying, “Many of them have zero startup experience and don’t even have a basic understanding of the technologies involved their fields.” Changpeng is biased towards venture capitalists though as Binance is currently handling an ongoing legal dispute with Sequoia, a renowned VC firm, after the firm was in negotiations to purchase a minority stake in the cryptocurrency exchange last year.

Because of the ongoing legal matters Binance “may soon require all projects applying to list on Binance to disclose if they have any direct or indirect relationships with Sequoia.”

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