Binance CEO Changpeng Zhao has flatly denied rumors circulating on social media platforms that the cryptocurrency exchange is selling its Bitcoin holdings. The denial came in response to a controversial tweet claiming Binance was involved in market manipulation. Here are the details…
Reply to FUD from CZ on Bitcoin and altcoins
Addressing the issue directly, CZ used Twitter to dispel the rumors. CZ said, “Binance did not sell BTC or BNB. In fact, we still have a bag of FTT. It’s surprising that they know exactly who is selling based on a price chart that includes millions of traders. [it’s a] FUD.” CZ’s response was intended to reassure the public that Binance was not making any sales. As we reported on Kriptokoin.com, the SEC is actively suing many major cryptocurrency exchanges, including Binance, the world’s largest crypto exchange.
Can confirm this is true,
Looks like BTC is being sold off for USDT reserves
USDT reserves are being pumped into BNB aggressively since 27th May
BNB is being sold off for BUSD to suppress volatility in BTC
BUSD is pumped into BTC to suppress downside volatility so BTC can be… https://t.co/yZ4VEtOjuR pic.twitter.com/MIYkLcvfOX
— Skew Δ (@52kskew) June 13, 2023
The legal action taken by the SEC has garnered significant attention within the crypto community. Surprisingly, it also created a wave of support for Binance, despite the allegations against it. However, the situation took a different turn when a tweet ostensibly confirmed that Binance was involved in the Bitcoin sale. The tweet suggested that Bitcoin was traded for USDT reserves and BNB was sold for BUSD to suppress Bitcoin’s volatility. The author of the tweet claimed that such actions amounted to market manipulation. This raises more questions about Binance’s practices and intentions.
https://twitter.com/cz_binance/status/1668735411705765893
CZ denied any sales claim
CZ’s quick statement sought to address these concerns directly. By refusing to sell any Bitcoin or BNB, he sought to reassure the public that Binance was not engaging in manipulative behavior. However, the controversial tweet and the ensuing replies ignited the ongoing debate surrounding the actions of this leading cryptocurrency exchange.
It is undeniable that the SEC lawsuit has had a significant impact on Binance, particularly in the US market. After the lawsuit, Binance’s market share in the United States dropped by nearly 80 percent. The final hearing in the US district court led to the Binance CEO giving an official response to the SEC’s allegations. Binance is fighting the lawsuit persistently to prove its innocence and protect its reputation.
As the legal battle between Binance and the SEC intensifies, the cryptocurrency community expects further developments. The outcome of this lawsuit will likely have far-reaching implications for Binance and the wider crypto industry. With CZ denying rumors of the sale, Binance aims to regain the trust and maintain its position in the crypto community while continuing to defend itself against allegations made by the regulator.
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