FaZe CEO Banks addresses criticism regarding his focus on cryptocurrency while “rebooting” the esports organization from scratch.
FaZe Clan’s CEO, Banks, has responded to criticism surrounding the organization’s shift towards cryptocurrency as it undergoes a significant restructuring.
Following the layoff of 110 employees earlier this year, including several top content creators, FaZe Clan has embarked on a transformative journey. With only fourteen influencers remaining, the organization introduced a new content house comprising four new members. However, this isn’t the sole change FaZe has undergone recently.
In March 2024, Banks unveiled CTV, a new content and media platform centered on cryptocurrency. This move has drawn skepticism from critics, particularly as Banks hinted at delving into crypto gaming akin to Dr Disrespect’s Deadrop.
Despite FaZe Clan’s existing involvement in cryptocurrency, this latest development has sparked concern among fans, who fear the organization may pivot entirely into a crypto company. Banks addressed these apprehensions in a CTV episode on May 7.
In the video, Banks asserted that he and other crypto investors were pioneers in the industry, likening the future of cryptocurrency to the ubiquity of the internet and social media today.
“There were internet deniers,” Banks remarked. “In 2024, you no longer can deny the internet. Everyone’s participating in this tech whether they know it or not, whether they want to or not. Unless you’re Amish, right?”
He elaborated on his shift away from YouTube vlogs, emphasizing his passion for crypto and the necessity to focus on it. According to Banks, FaZe’s current endeavors represent genuine work driven by his love for the brand, reminiscent of the early days of gaming.
His colleagues echoed his sentiments, acknowledging the presence of scams within the crypto sphere but asserting FaZe Clan’s commitment to upholding integrity and guiding skeptics “into the light.”
Despite Banks’ defense, critics remain unsatisfied, accusing him of evading substantive issues. Nevertheless, Banks remains steadfast in his belief that FaZe Clan’s foray into crypto is laying the foundation for a future where cryptocurrency plays an integral role.