- The BNB is being sold off for BUSD to suppress volatility in Bitcoin.
- The controversial tweet raises questions about the crypto community.
The U.S. Securities and Exchange Commission has continuously filed lawsuits against the top crypto exchanges, including the world’s largest crypto exchange, Binance. After the lawsuit, Binance gained a lot of support from the crypto community.
Binance and CZ have been selling spot Bitcoin at an alarming rate, to defend the $BNB $220 liquidation waterfall
— JW (@JW100x) June 13, 2023
As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin
It is a total house of cards pic.twitter.com/ils8nsQiXd
Recently, Binance CEO Changpeng Zhao replied to the tweet of a crypto enthusiast. The tweet mentioned that the crypto exchange and CEO CZ are selling Bitcoin to defend the BNB $220 liquidation.
There is another reply tweet that confirms that Binance has sold Bitcoin. He mentioned that Bitcoin is being sold off for USDT reserves. Moreover, the BNB is being sold off for BUSD to suppress volatility in Bitcoin. He added that this is technically market manipulation, and Binance is definitely up to something here to prevent BNB from crashing as well as Bitcoin.
Binance’s CEO Response to the Accusation
However, CZ has denied the accusation. He replied that Binance had not sold any Bitcoin or BNB. Moreover, the exchange still has a bag of FFT. The controversial tweet raises questions about whether the crypto exchange sold Bitcoin and BNB. Transparency and clear communication from crypto exchanges are crucial to maintaining trust and confidence in the crypto community.
CZ’s clarification reassured the public that Binance didn’t sell Bitcoin or BNB. The controversial tweet raised significant questions about the actions of the popular crypto exchange.
The SEC lawsuit against the crypto exchange has had a greater impact. The Binance US market share has declined by almost 80% after the SEC’s lawsuit. After the U.S. district court hearing, Binance’s CEO submitted his response to the lawsuit claimed by the SEC. The crypto exchange has continuously fought against the SEC lawsuit to prove its innocence.
