​Binance CEO denies rumors about the sale of BTC to support the BNB rate

What’s new? The head of the crypto exchange Binance, Changpeng Zhao, has denied rumors that the platform sold bitcoins to maintain the price of the native token BNB. He expressed surprise that some in the community could know exactly who sold the cryptocurrency and when based only on price charts involving millions of traders. Zhao also noted that Binance still has a large number of FTT tokens from the bankrupt crypto exchange FTX in its reserves.

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. 🤷‍♂️ pic.twitter.com/M3MUH2bFRE — CZ 🔶 Binance (@cz_binance) June 13, 2023

What else is known? Zhao’s statements were published in response to a tweet from trader Skew, who confirmed rumors that Binance is manipulating the market to prevent the collapse of BTC and the exchange token BNB. Skew noted that BTC is being sold for USDT, which has subsequently been aggressively pumped into BNB since May 27. In turn, BNB is sold for BUSD to suppress BTC volatility, and BUSD is pumped into BTC for further exchange into USDT.

Can confirm this is true,Looks like BTC is being sold off for USDT reservesUSDT reserves are being pumped into BNB aggressively since 27th MayBNB is being sold off for BUSD to suppress volatility in BTCBUSD is pumped into BTC to suppress downside volatility so BTC can be… https://t.co/yZ4VEtOjuR pic.twitter.com/MIYkLcvfOX — Skew Δ (@52kskew) June 13, 2023

A similar opinion was expressed earlier by user JW. He stated that Binance and Zhao have been selling spot BTC at an alarming rate to protect themselves from a cascade of BNB liquidations at $220. As BTC sells off, the exchange buys BNB, which protects against liquidation, while limiting bitcoin’s upside potential.

“It is a total house of cards,” JW added.

Binance and CZ have been selling spot Bitcoin at an alarming rate, to defend the $BNB $220 liquidation waterfallAs spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of BitcoinIt is a total house of cards pic.twitter.com/ils8nsQiXd — JW (@JW100x) June 13, 2023

Binance situation. On June 5, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance, its US arm Binance.US, and personally against the founder of the companies Changpeng Zhao. The charges include operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting the control and oversight of trading on the Binance.US platform, and the unregistered offering and sale of securities.

Amid SEC enforcement actions, net outflows from Binance from June 5 to June 8 totaled$2 billion for the Ethereum network and $838 million in BTC, the largest since December 2022. On June 12, the rate of the BNB token fell as low as $223. As of June 14, the value of the asset has risen slightly to $248 (according to Binance).