Binance's CZ Says He Doesn't Understand Meme Coins Like Elon Musk Does — Discloses Shiba Inu's Listing Process

Binance CEO, Changpeng Zhao, popularly known as "CZ,” spoke on Monday about his perspective on meme coins and Binance’s listing process.

What Happened: CZ said he personally never really understood meme coins. "I don’t have the time. And I don’t want to get involved," he said in a Twitter space chat.

CZ confessed that he personally never quite understood meme coins, but recognized their popularity and success among some influential people, including Elon Musk.  

"There are many successful people who do seem to understand them, including Elon Musk, and others, so we go by users," he said.

Hence, Binance evaluates coins based on their users’ engagement, trading activities, and overall demand. "If a coin has a lot of users trading it, wanting it, playing with it, etc., then we'll most likely list it. If the coin only lasts for two weeks, then we probably won’t. But if it holds, then we probably will."

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Why It Matters: An independent team evaluates and decides which coins to accept. CZ affirmed that Binance listed Shiba Inu SHIB/USD, one of the popular meme coins with impressive trading volume on the platform, and demonstrated Binance’s openness to such coins.

"We listed SHIB and it’s actually one of the coins on Binance with a higher trading volume. So we’re not against meme coins. We’re not against any coin," added CZ.

Price Action: At the time of writing, Shiba Inu was trading at $0.000009974, up 0.64% in the last 24 hours, according to Benzinga Pro.

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Photo by Stephen McCarthy/Web Summit/Sportsfile via Flickr Creative Commons