X, formerly known as Twitter, restricted the account of former Binance CEO Changpeng Zhao (CZ) without providing a detailed explanation. The restriction occurred shortly after Zhao resigned from his position at Binance as part of a $4.3 billion settlement with the United States Department of Justice.
The Restriction Incident
On November 23, X users found themselves temporarily unable to access CZ’s account, accompanied by a vague message suggesting a potential violation of X’s rules. Users could briefly view the account only after acknowledging the temporary restriction. The former CEO speculated that the restriction might have been triggered by an automated response to his profile name change from “CZ Binance” to “CZ BNB.”
Expressing his frustration, Zhao took to X to criticize the platform’s bot detection algorithm, humorously tagging Elon Musk in his post. He claimed that the algorithm needed improvement, as it failed to distinguish between legitimate users and malicious bots.
Uncertain Future on Social Media
It remains uncertain how this incident will impact CZ’s presence on social media, given his reputation as an active user. With Richard Teng assuming the leadership role at Binance, the dynamics of the platform might undergo changes. Teng, however, currently has a significantly smaller following compared to Zhao.
The restriction on Zhao’s account follows his resignation as Binance CEO and a guilty plea to a felony charge related to the failure to maintain an effective Anti-Money Laundering program at Binance. The $4.3 billion settlement includes a $150 million payment by CZ to settle civil cases with regulators.
As the crypto industry undergoes significant regulatory scrutiny, the incident highlights the challenges faced by key figures like Zhao in navigating the complex landscape of both the financial and social media realms. The restriction on his account serves as a reminder of the interconnectedness of personal and professional reputations in the ever-evolving world of cryptocurrencies. As social media platforms continue to play a pivotal role in shaping public perception, the incident prompts a broader discussion on the influence and limitations of these platforms in the crypto space.