XRP is not a security until proven ‘guilty’, says Binance CEO CZ

The cryptocurrency market saw a sudden spike in the prices of many cryptocurrencies on the CoinMarketCap list on March 5, pushing Binance Coin [BNB] reach the eight position on the list. The CEO of Binance, Changpeng Zhao or famously known as CZ, held an Ask Me Anything [AMA] session on Periscope where he covered several topics under the sun, but most importantly XRP.

The founder stated that Binance, which is one of the largest cryptocurrency exchanges, does not believe that XRP is a security and would continue to see XRP as “innocent” until its proven “guilty”.

Towards the end of the session, CZ was asked whether he had any news on XRP, to which the founder replied saying:

“People are aware that there is a lawsuit against XRP on whether they are a security or not. Our judgement is that they are not. And until it’s proven that they are, we listed them, and luckily we dragged other exchanges to list them. That’s good thing… Just because there’s a lawsuit doesn’t mean they are guilty. So, we applied our judgement there, and we’re always very supportive of XRP. There’s a lot of guys who complain that it’s overly centralized, but look, the market votes with their feet, and XRP is one of the largest market cap coins, and it’s like that for a reason.”

The CEO talked about the lawsuit against XRP and said that it was not true. The lawsuit is against Ripple, the parent company of the third largest cryptocurrency XRP. However, he was also praised for his stance as it is a lawsuit against Ripple, and does not mean that XRP is culpable.

Earlier, the Binance CEO had highlighted the point of XRP not being a security. CZ had tweeted on December 12, 2018 saying:

“The court case may take years. But if XRP is ruled as a security, it would seriously hurt a lot of US users, and to a certain extent, other users around the world too. It certainly doesn’t look like a security to me, but that’s just one person’s opinion.”

The post XRP is not a security until proven ‘guilty’, says Binance CEO CZ appeared first on AMBCrypto.