Binance founder Changpeng Zhao faces criticism after his attempt to distance himself from soccer star Ronaldinho Gaúcho’s newly launched STAR10 token backfired.
Instead, what was intended as a disclaimer has fueled controversy, with crypto traders accusing Zhao of indirectly endorsing the project.
On March 3, Ronaldinho Gaúcho announced STAR10 on X, promoting it as an opportunity for fans to “make history” while gaining exclusive benefits. “Legends are not born… THEY ARE FORGED. And YOU can choose to be a part of it. Get your $STAR10 NOW,” he wrote in his post. The launch quickly attracted attention, but not all of it was positive.
In a March 3 post on X, Zhao attempted to clarify Binance’s position, warning investors about copycat tokens on decentralized exchanges. He noted that STAR10 was launched exclusively on the BNB Chain. He stressed that Binance and its affiliates had “no commercial relationships” with Ronaldinho and reiterated that his post “is NOT an endorsement.”
Despite this clarification, Zhao’s comments only added to the backlash. H The crypto community reacted with skepticism. Many traders criticized Zhao for even mentioning the token, with some arguing that his remarks inadvertently brought more attention to the project.
Some users suggested that Zhao should have remained silent rather than drawing further scrutiny to the token.
“Better stay silent and let the market do its own thing,”
one trader responded. Others accused him of indirectly promoting the token despite his disclaimer, adding to the mounting distrust surrounding the project.
Despite the controversy, STAR10 experienced a surge of over 20% after its launch, peaking at $0.2492, and recorded a 57.7% increase at press time, according to CoinGecko. This rise occurred amidst criticisms from Zhao regarding Binance’s token listing process, which he claims caused market distortions by announcing listings only four hours prior. In contrast, exchanges like Coinbase and Kraken provide earlier notifications of new listings.
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