Binance CEO CZ Says No to BNB Price Manipulation Allegations

Binance CEO CZ Says No to BNB Price Manipulation Allegations

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Binance’s CEO Changpeng Zhao (CZ) has rejected allegations of covert Bitcoin sales by the exchange to artificially raise the value of its BNB token against recent allegations by market commentators, including analyst Dylan LeClair and Swan Bitcoin CEO Cory Klippsten. They claim that Binance manipulated the market to boost BNB’s worth artificially.

On June 13, CZ took to Twitter to dismiss the allegations, stating that the crypto exchange had not sold BTC or BNB of its own. He also said that Binance still had FTX Token (FTT), the native token of now-defunct FTX cryptocurrency exchange.

4. Binance have not sold BTC or BNB. We even still have a bag of FTT.

It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. 🤷‍♂️

— CZ 🔶 Binance (@cz_binance) June 13, 2023

CZ further mentioned that it was astonishing that these commentators identified sellers based solely on a price chart involving millions of traders and referred to the allegations as FUD.

The allegations demanding Binance manipulated the market through a sequence of trades incorporating BTC, BNB, and Tether were made by the technical analysis platform Skew. It stated that the exchange was actively attempting to prevent both BNB and BTC from witnessing a significant decline. In the post, Skew also claimed that BNB was an artificial market compared to BTC since the realized trading for it is much lower.

Following the SEC’s lawsuit against Binance, categorizing 61 altcoins, including BNB, as securities, BNB’s value fell below a crucial support level of $300, plunging over 30% within a few days. However, its price went up by 7% in the past 24 hours. At present, BNB is being traded at $250.

Compiled by Coinbold