- Binance CEO denies allegations of market manipulation against the exchange.
- Critics claim Binance engaged in complex trading schemes involving BTC and BNB.
- Industry figures defend CZ, acknowledging his long-term mindset and past achievements.
Changpeng Zhao (CZ), CEO of the leading crypto exchange, Binance, has vehemently denied recent accusations of market manipulation against his business. Responding to the critic’s claims, CZ tweeted, “Binance have not sold BTC or BNB. We even still have a bag of FTT.”
The allegations, brought forward by a Binance critic on social media, claimed that the exchange was engaging in a complex scheme involving selling and purchasing various cryptocurrencies to influence the market.
The critic’s original tweet accused Binance of “selling spot Bitcoin at an alarming rate to defend BNB” against a potential liquidation cascade at the $220 mark. According to the critic, the proceeds from the supposed Bitcoin sales were allegedly used to purchase BNB, which also capped the upside potential of Bitcoin.
Notably, the persons who accused Binance of orchestrating manipulative trades presented market charts as proof for their argument. However, the Binance CEO dismissed the allegations as fear, uncertainty, and doubt (FUD) and commented:
It is amazing they can know exactly who sold based on just a price chart involving millions of traders.
Additionally, some industry figures came to Binance’s defense. Ki Young Ju, the CEO of data analytic firm CryptoQuant, said CZ is one of the few industry founders with a long-term mindset and has achieved significant accomplishments. Ju emphasized the need to respect what CZ has achieved and acknowledged the pivotal role that his product played in the previous bull market.
Notably, since the U.S. Securities and Exchange Commission (SEC) filed a civil case against Binance, the BNB coin entered a bearish trend that has yet to recover.
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