Binance CEO Denies Selling Bitcoin

Changpeng Zhao (CZ), the CEO of Binance, has responded to allegations made by certain crypto traders who suggested that he was selling off Bitcoin holdings in exchange for BNB to mitigate the latter’s recent price decline. The enforcement actions taken by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase, under the leadership of Gary Gensler, caused significant market turbulence, leading to price drops in Bitcoin and altcoins.

Allegations of BTC sell-off

The native token of Binance, BNB, experienced a dip like other crypto assets, reaching a low of $220 on June 12. However, it managed to regain its bullish momentum, surging to a high of $252.8 on June 14.

On June 13, Twitter users @52kskew and @JW100x claimed that Binance was selling large amounts of Bitcoin in exchange for BNB, attributing BNB’s resurgence to this alleged activity. @52kskew tweeted, “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.”


CZ refutes FUD

However, CZ swiftly refuted these claims, dismissing them as mere fear, uncertainty, and doubt (FUD). According to CoinGecko, at the time of writing, BNB is trading at $248.12, marking a 5.5% increase in the past 24 hours. With a market capitalization of $38,691,969,96, BNB currently holds the position of the world’s fourth-largest cryptocurrency.

The crypto market remains volatile, and recent regulatory actions have sparked speculations and uncertainties. As investors closely monitor the developments, CZ’s denial of the alleged selling activities aims to provide reassurance to traders and maintain confidence in Binance’s operations. The market will continue to observe how Bitcoin, BNB, and other cryptocurrencies fare amidst ongoing regulatory scrutiny and evolving market dynamics.