Binance CEO denies promoting Bitcoin amid market manipulation allegations

Binance CEO Changpeng ‘CZ’ Zhao denied rumors that his alternate was promoting Bitcoin to guard BNB’s worth, based on a June 13 tweet.

CZ tweeted that “Binance haven’t offered BTC or BNB,” including that the alternate nonetheless holds “a bag” of bankrupt FTX’s FTT.

Zhao’s assertion responded to a number of market analysts who alleged that Binance was wash-trading BNB’s buying and selling quantity to take care of its worth above a sure threshold. CZ mentioned:

“It’s superb they’ll know precisely who offered based mostly on only a worth chart involving thousands and thousands of merchants. FUD.”

Market speculations

On June 12, crypto analyst JW alleged Binance was promoting “spot Bitcoin at an alarming price” to defend BNB’s worth from dropping beneath $220. JW mentioned:

“As spot Bitcoin is offered off, BNB is bought, which defends the $220 liquidation but additionally caps the upside potential of Bitcoin”

Technical evaluation platform Skew corroborated JW’s assertion, claiming Binance seems to have been promoting BTC for USDT, which is then pumped into BNB since Might 27.

The platform additional famous that BNB was being offered off for BUSD to suppress BTC volatility. It added:

“That is technically market manipulation, Binance is unquestionably as much as one thing right here to forestall BNB from crashing as properly BTC.”

In the meantime, market analyst Joe Consorti identified that there was an uncommon worth motion on Binance. Consorti added:

“A great deal of promoting stress on bitcoin not current on different exchanges. Extra cannon fodder that they might be promoting spot BTC to prop up BNB.” 

In keeping with these analysts, Binance was defending the $220 stage to forestall a “liquidation waterfall.” StarCrypto reported that Binance’s BNB ecosystem faces a $200 million liquidation if its worth falls beneath $220.

BNB is up 5%

Regardless of the allegations and regulatory challenges surrounding Binance, BNB is up roughly 5% within the final 24 hours to $246.96 on the time of writing, based on StarCrypto’s information. Alternatively, BTC is down 0.88% to $25,924.

BNB is likely one of the quite a few digital property the SEC labeled safety in its June 5 lawsuit in opposition to Binance—a cost disputed by the alternate.

The submit Binance CEO denies promoting Bitcoin amid market manipulation allegations appeared first on StarCrypto.