Binance CEO Denies Bitcoin and BNB Sale Rumors


Rumors began to circulate on social media that cryptocurrency exchange Binance allegedly sold its holdings of bitcoin to protect BNB positions.

“As spot bitcoin sells, BNB is bought, which protects it from liquidation at $220, but also limits the upside potential of digital gold. This is a real house of cards,” wrote JW.

Another user, nicknamed Skew, confirmed the speculation. In his opinion, the trading platform sells bitcoins for USDT and pumps the proceeds into BNB. The latter is then sold for BUSD, which is re-routed into bitcoin to “suppress its downside volatility.”

“Technically this is market manipulation, Binance is definitely up to something to prevent the crash of BNB and BTC,” he added.

The head of the trading platform, Changpeng Zhao, responded to the rumors on Twitter. He stated that the company did not sell either bitcoin or BNB. According to him, the platform still owns the tokens of the collapsed FTX crypto exchange (FTT).

“It’s amazing that they can accurately know the identity of a seller based on just a price chart with millions of traders. FUDZhao added.

Remember June 5th SEC sued Binance and its CEO. The regulator brought 13 charges, including the sale of unregistered securities. The Commission later filed a similar lawsuit against Coinbase.

In response, Binance released a statement declaring its readiness to “resolutely defend itself.”

The U.S. branch of the exchange disputed the SEC’s emergency asset freeze request, calling it “draconian and overly onerous.”

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