Binance CEO Changpeng Zhao (CZ) took to Twitter dispelling rumors surrounding his crypto exchange’s alleged sale of crypto assets, including BTC and BNB.
The speculation had gained momentum on social media, with some voices asserting that significant digital asset sales were taking place.
However, the Binance CEO swiftly refuted these rumors, clarifying that Binance had not sold any BTC or BNB and emphasized that they still held a substantial amount of FTT tokens.
Expressing his disbelief, Zhao highlighted how some individuals could jump to conclusions about specific sellers based solely on a price chart that involves the actions of millions of traders.
He dismissed the rumors as “FUD,” suggesting they were baseless attempts to generate negative sentiment around Binance.
CZ’s statement triggered responses from the crypto community, with some suggesting that those spreading the rumors aimed to manipulate the market for their own gain using fear, uncertainty, and doubt (FUD) tactics.
While BTC remained relatively stable on Wednesday, the highly anticipated US CPI announcement failed to provide a definitive push, leaving it hovering around the $26,000 mark.
On the other hand, BNB experienced a 6% rise, reaching $249 for the day. This increase followed the news that Binance.US would retain custody of customers’ crypto holdings despite the ongoing legal battle with regulators.
The recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance’s American arm accused the exchange of securities law violations and exceeding its access to customer funds.
The lawsuit alleged misconduct such as mismanagement of client funds and deceiving regulators and investors. Binance vehemently denied these allegations and continues to defend its position.
The unfolding events and reactions highlight the growing tension between Binance and regulatory bodies, underscoring the need for transparency and compliance in the crypto industry.
As the legal battle continues, the outcome will undoubtedly shape the future of Binance and potentially influence the broader cryptocurrency landscape.
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