Binance CEO Denies Promoting Bitcoin to Defend BNB Liquidation

• Binance CEO denies allegations of market manipulation towards the change.
• Critics declare Binance engaged in advanced buying and selling schemes involving BTC and BNB.
• Business figures defend CZ, acknowledging his long-term mindset and previous achievements.

Changpeng Zhao (CZ), CEO of the main crypto change, Binance, has vehemently denied current accusations of market manipulation towards his enterprise. Responding to the critic’s claims, CZ tweeted, “Binance haven’t bought BTC or BNB. We even nonetheless have a bag of FTT.”

The allegations, introduced ahead by a Binance critic on social media, claimed that the change was participating in a posh scheme involving promoting and buying numerous cryptocurrencies to affect the market.

The critic’s unique tweet accused Binance of “promoting spot Bitcoin at an alarming price to defend BNB” towards a possible liquidation cascade on the $220 mark. In line with the critic, the proceeds from the supposed Bitcoin gross sales have been allegedly used to buy BNB, which additionally capped the upside potential of Bitcoin.

Notably, the individuals who accused Binance of orchestrating manipulative trades introduced market charts as proof for his or her argument. Nonetheless, the Binance CEO dismissed the allegations as worry, uncertainty, and doubt (FUD) and commented:

It’s wonderful they’ll know precisely who bought primarily based on only a worth chart involving tens of millions of merchants.

Moreover, some trade figures got here to Binance’s protection. Ki Younger Ju, the CEO of knowledge analytic agency CryptoQuant, mentioned CZ is among the few trade founders with a long-term mindset and has achieved vital accomplishments. Ju emphasised the necessity to respect what CZ has achieved and acknowledged the pivotal position that his product performed within the earlier bull market.

Notably, because the U.S. Securities and Trade Fee (SEC) filed a civil case towards Binance, the BNB coin entered a bearish pattern that has but to get well.