The Block's Research Director criticizes Binance for launching a mining pool: "The party is almost over, and you're just arriving?"

Recently, Binance cryptocurrency exchange has been very active, with a continuous stream of product updates, including Binance Smart Chain, OTC platform, crypto debit cards, Bitcoin options, and a series of other products. Furthermore, on the 24th of this month, they officially launched their mining pool. However, Larry Cermak, the Research Director at The Block who has always had some criticism towards Binance, once again expressed his doubts, stating that the timing of joining the mining industry is simply too late.

Binance's Bitcoin Options Stir Controversy

Ever since Binance's Shanghai office was raided and shut down by the police last November, Larry has been in direct conflict with Binance. Last month, he even prematurely exposed the three biggest news of Binance this year. Larry claimed that his Twitter account has been blocked by Binance CEO Changpeng Zhao (CZ).

Regarding all the ups and downs, Larry stated:

I don't hate Binance. In fact, less than two years ago, people used to laugh at me for liking Binance so much. Now, I think they are just using retail investors through unreliable marketing tactics, and I know how chaotic their internal operations are.

They have grown rapidly, worked hard, and continued to update their products, but I cannot accept the chaotic way they operate internally. Like the Bitcoin options they recently launched, I haven't seen such unethical behavior in a long time, actually marketing options to retail investors.

In fact, options are more difficult to understand than futures and are generally considered more complex. Since Binance is widely believed to have mainly retail investors as its primary users, the move to launch options contracts is suspected to be an attempt to profit from users' lack of understanding.

Regarding Larry Cermak's criticism of the slow start of Binance's mining pool, in reality, the launch time of Binance's futures contract product also lagged behind other exchanges by several years. However, according to data analytics platform Skew, Binance has become one of the main platforms for futures traders.

As the saying goes, the bigger they are, the harder they fall. Falling behind in the mining race does not mean that Binance will always be at a disadvantage. Due to Binance's large scale in the industry, it can attract participants in various ways, which may make other exchanges' mining pools nervous.