Binance CZ Rejects Warren's No-Bailout Warning: 'Crypto Never Needed A Bailout'

Changpeng 'CZ' Zhao, co-founder of Binance, has responded to Senator Elizabeth Warren's letter to the Federal Reserve and Treasury, which cited him as an example of a 'crypto billionaire' who should not be bailed out. In his post on X, CZ stated that 'crypto never needed a bailout, never will.'

The controversy began when Senator Warren named CZ alongside other high-profile crypto executives, including Coinbase CEO Brian Armstrong and Strategy's Michael Saylor, in her list of those who have suffered paper losses during the market downturn.

CZ's statement comes as the cryptocurrency market continues to struggle, with Bitcoin trading at around $67,854 on Thursday night, down more than 46% since October's peak. Analysts and experts have debated over whether the 'crypto winter' has begun and how long it will last.