Market Data 
Changpeng ‘CZ’ Zhao, Binance’s founder, said today that he has no clue how TST, the meme token born from a BNB Chain tutorial, ended up listed on Binance. CZ went on X to tell his 8.7 million followers yet again that neither he nor Binance backs the coin, which exploded to a $41 million market cap before eventually stabilizing at $10 million.
“I posted to clarify that TST was NOT endorsed by me or us,” CZ said, adding that every attempt to clear things up only made it more viral.
The rise of TST
TST was never meant to leave the tutorial. It was just a test coin created by a BNB Chain team member for an educational video showing users how to create memecoins on the four.meme platform.
Once the video went live, traders swarmed the token, pushing its value up and turning the token into an overnight sensation. As for the Binance listing, CZ said:
“I am entirely NOT involved in their listing process. Based on historical experience, people always complain, ‘Why do you list this but not the coin I hold?’ You might not like to hear this, but the truth is: exchanges must compete to list popular coins (with trading volume) as early as possible. If your coin is actively sought after by traders, you don’t need to talk to exchanges. As I always say, work on your project, not the exchanges.”
That’s what happened with TST: the demand from traders forced Binance’s hand. And things got messier when CZ discovered that someone in the TST community created a website and a Twitter account, slapping Binance’s logo on them without permission.
CZ denied any involvement, saying, “As far as I know, neither of them is made or controlled by BNB Chain or any Binance-related team.” He added, “It is controlled by someone in the community. I don’t know who it is.”
He called the unauthorized use of Binance’s branding an “infringement” and urged them to change it. “It is recommended to use ✅ (tested) or something like that,” CZ said. He added that Binance and the BNB Chain team had already taken steps to distance themselves from the token by deleting the tutorial video. But the damage had already been done.
But TST’s market success has actually been quite lucrative for some. Lookonchain reported that an early buyer of TST is currently sitting on $2 million in profits. CZ warned traders to be careful, saying that meme coins can be unpredictable and risky. “Please protect yourself and be responsible for your own actions,” he wrote.
But CZ also took aim at the crypto industry’s obsession with meme coins. “Why do people buy memes instead of utility tokens?” he asked, before offering his take. For one, he blames regulatory crackdowns.
“A powerful regulatory agency sued almost anyone with any utility token, falsely claiming they are securities,” CZ said. This drove developers to create meme tokens, which don’t have the same regulatory risks.
Another factor, he added, is the nature of speculation itself. “Things with clear tangible value are harder to speculate on,” CZ said. Meme tokens, on the other hand, thrive on volatility. They’re fun, unpredictable, and highly speculative—exactly what certain traders want.
“It’s a cultural thing,” CZ said, though he confessed he isn’t a meme coin expert. He also made it clear that he is not against meme coins at all, saying, “I haven’t bought a single meme coin so far. Not being into something doesn’t mean I’m against it.” He added that he’s not into sports cars or NFTs either, but that doesn’t mean he has a problem with them.
CZ then said that Binance sometimes announces new token listings and lists them only four hours later, creating chaos. “In those 4 hours, the token prices go high on DEXes, and then people sell on CEX,” he explained. “Not sure if there’s a solution for this, though.”
