[DigitalToday reporter Yoonseo Lee] Binance founder Changpeng Zhao (창펑 자오) has rejected as false a post that spread after comments attributed to Elon Musk criticising Binance.

U.Today, a blockchain media outlet, reported on Nov. 7 that Zhao publicly pointed out that the user who wrote the post was spreading information that differs from the facts.

The post at issue said Musk criticised Binance’s dominance of the cryptocurrency market. It claimed Musk said Binance’s market share was as high as 80 percent and that such dominance limits competition in the industry. It also said he mentioned users should move funds to other exchanges to promote competition, and that such a move could create another bull market.

Zhao immediately denied the claim. He said the content was false and left a warning message about spreading untrue information. He also released an AI search results screen.

The screen Zhao shared said Musk’s original post could not be verified. It said there was no basis to claim Musk actually made such remarks about Binance having an 80 percent market share. It also said the part about him urging users to move funds to competing exchanges was not true. Musk later also said the post was false.

The controversy emerged as speculation continued about the relationship between Musk and Zhao. The post spread quickly alongside observations that the two may be moving toward reconciliation, and reactions were mixed in the cryptocurrency community.

The incident again showed how posts using the names of famous figures can spread quickly in the cryptocurrency market. It showed that when sensitive topics such as exchange market share, fund transfers and expectations of a bull market are combined, reactions can grow before facts are checked. With both Binance and Musk confirming it was false information, the focus of the controversy shifted from whether the remarks were actually made to how unverified posts can spread into market discourse.

Elon Musk is calling out Binance’s dominance of the crypto market, arguing its 80% market share is holding the industry back. He says users moving funds to alternative exchanges could help restore competition and create the conditions for a bull run. A debate over whether one exchange has too much influence over crypto.