Binance CEO Clears the Air: No Bitcoin Sales to Pump BNB

 

Binance CEO Clears the Air: No Bitcoin Sales to Pump BNB
Hold up, folks! Binance's big boss, Changpeng "CZ" Zhao, just gave those haters a serious reality check. They've been accusing Binance of pulling off some top-secret Bitcoin sales to play around with the price of their BNB token. But CZ is like, "Oh, please! That's a load of crypto nonsense!" The drama is real, my friends, but CZ ain't having any of it



Speculations and whispers have been circulating, courtesy of a few market commentators like Dylan LeClair and Cory Klippsten. They're pointing fingers at Binance, claiming the exchange is up to some sneaky market manipulation to give BNB an unfair boost. 

But fear not, for CZ has entered the chat! In a tweet that dropped on June 13, he boldly proclaimed that Binance hasn't sold a single ounce of Bitcoin or BNB. And just to spice things up, he casually mentioned that they're still holding a stash of FTX Tokens like a true crypto boss. 

"It's truly remarkable how they possess the ability to identify the precise seller solely by analyzing a price chart encompassing countless traders. FUD," he remarked.

CZ's statement emerged as a direct reply to a post on June 14 by Skew, a technical analysis platform. In their post, Skew alleged that Binance was engaging in market manipulation by executing a sequence of trades involving BTC, BNB, and Tether, stating, "Binance is undoubtedly involved in some activity to safeguard BNB from a drastic decline, along with BTC."

Continuing the discussion, Bitcoin analyst LeClair expressed their viewpoint within the same conversation, asserting that "BNB appears to be an artificial market," with considerably lower realized trading volume compared to BTC.

On June 13, Klippsten took to Twitter to voice their allegations against Binance, suggesting that the platform was involved in "wash trading" practices. Furthermore, they asserted that Binance was attempting to create a facade of support for BNB, insinuating that such support was merely a pretense.



Wash trading is a technique employed for market manipulation whereby a trader sells an asset and subsequently purchases it shortly thereafter. This strategy is employed to artificially boost demand for the asset or create the illusion of increased market activity.


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