Zhao, Binance’s CEO, Denies Market Manipulation

Zhao, Binance's CEO, Denies Market Manipulation

Binance CEO Changpeng “CZ” Zhao has refuted allegations that Binance has engaged in secret sales of Bitcoin (BTC) to artificially stabilize the price of its BNB token. Market commentators Dylan LeClair and Cory Klippsten accused Binance of manipulating the market to boost BNB’s value.

Zhao responded to the accusations, stating that Binance had not sold any BTC or BNB and clarifying that the exchange still held FTX Token (FTT). He dismissed the claims as fear, uncertainty, and doubt (FUD) and questioned the accuracy of identifying sellers based on price charts involving millions of traders.

Technical analysis platform Skew alleged market manipulation by Binance’s trades involving BTC, BNB, and USDT. Other analyses raised concerns about BNB’s trading volume, suggesting potential market manipulation through wash trading.

“Binance is definitely up to something here to prevent BNB from crashing as well as BTC.”

It is facing a lawsuit from the SEC for alleged securities law violations and wash trading activities. The case is currently ongoing. CZ and Binance.US have denied the allegations and pledged to vigorously defend themselves in court.

Analyst Joe Consorti from The Bitcoin Layer described BNB’s price action as “unusual” with the “$220 level” being “staunchly defended.” He suggested that it may be a liquidation level for a BNB-collateralized loan.

The cryptocurrency community closely watches the accusations and legal battle surrounding Binance and its CEO. They emphasize transparency and regulatory compliance.


About Valbona

I am a passionate and dedicated student studying Computing and Information Technology at an American university. With a love for reading, writing, and research, I possess technical and problem-solving skills. I have a vision to make a meaningful impact in the world of technology, I aspire to develop innovative solutions that improve lives and empower individuals in the digital age.