Binance CEO Changpeng “CZ” Zhao has dismissed accusations that Binance is secretly selling bitcoin (BTC) to artificially stabilize the price of BNB (BNB).
her rumors Come From several market commentators, including analyst Dylan LeClair and Swan Bitcoin CEO Cory Clepsten, who have Accused Binance deliberately manipulated the market to artificially inflate the value of BNB.
In a June 13 tweet, CZ said Binance had not sold either BNB or BNB, adding that the cryptocurrency exchange still held a “bag” of FTX Token (FTT) — the original token of the now-defunct cryptocurrency exchange FTX.
“It’s amazing that they know exactly who sold based solely on a price chart involving millions of traders,” added Foud.
CZ’s post was a direct response to a June 14 post from technical analysis platform Skew, which accused Binance of manipulating the market with a series of deals involving BTC, BNB, and Tether (USDT):
“Binance is definitely here to stop BNB from crashing like BTC.”
On the same topic, Bitcoin Analyst LeClair claimed That “BNB is clearly a fake market,” which is trading in a lower volume than BTC.
In a June 13 tweet, Klippsten also alleged that Binance was engaging in “trading laundering” and claimed that Binance is “trying to pretend” there is support for BNB.:
Washing trading is a technique of market manipulation whereby a trader sells an asset and then buys it shortly after to inflate demand or make it appear as if there is more activity in the market.
Analyst Joe Consorty is also from the bitcoin layer described BNB price action is described as “extraordinary” with the “$220 level” being strongly defended. He indicated that it could be a liquidation level for a BNB-secured loan.
In response to CZ’s post, Consorti confirmed Binance must publish an audited statement proving that Binance has no BNB collateralized commitment in order to terminate the “FUD.”
Related: 70% of unregulated exchange transactions are laundering trade: the NBER study
The US Securities and Exchange Commission sued Binance.US on June 5 alleging that it violated securities laws as well as engaging in trading through an “undisclosed” trading company Sigma Chain owned by CZ.
CZ and Binance.US deny any wrongdoing and He says They will “vigorously” defend the charges against them in US District Court in Washington, DC
magazine: The US and China are trying to crush Binance, claiming the $40 million bribe SBF: Asia Express
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