- Binance CEO CZ denies rumors of the exchange selling Bitcoin for BNB, sparked by popular traders’ tweets.
- The allegations suggest Binance has been manipulating BNB price and controlling Bitcoin volatility by swapping assets.
- CZ’s rebuttal comes amid rising speculations, as traders observed short-term price correlations between Bitcoin sell-off and BNB purchase.
Binance CEO Changpeng “CZ” Zhao has taken to the frontline to dispel circulating rumors alleging that the world’s premier crypto exchange has been selling Bitcoin (BTC) in a bid to prevent Binance Coin (BNB) prices from plunging.
The rumors, primarily fueled by tweets from well-known traders @JW100x and @52kskew, hinted at a short-term price correlation between a sell-off in Bitcoin and a purchase of BNB. These tweets quickly gained traction, garnering over 3 million views combined.
Trader @52kskew expressed concerns about the aggressive pumping of Tether (USDT) reserves into BNB since May 27th, suggesting that BNB was being sold off for Binance USD (BUSD) to keep a check on Bitcoin’s volatility. They went on to propose that BUSD was being invested into Bitcoin to dampen its downside volatility, enabling Bitcoin to be swapped for USDT.
Further, @JW100x insinuated a correlation between Bitcoin’s sell-off and BNB purchase, declaring the situation a “total house of cards.”
However, CZ emphatically dismissed these claims, affirming the exchange’s commitment to maintaining a clean and fair trading environment. He highlighted Binance’s stringent measures that prevent any form of market manipulation.
While these allegations could unsettle Binance’s community, CZ’s prompt response aims to assure users of the platform’s integrity.
Looking ahead, Binance, along with its native token BNB, is poised for growth despite facing multiple regulatory challenges worldwide. With its innovative approach to crypto trading and a dedication to maintaining transparency, Binance remains steadfast, asserting its vital role in the evolving crypto landscape.
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