• Binance CEO denies allegations of market manipulation in opposition to the trade.
• Critics allege that Binance was concerned in a posh buying and selling scheme involving BTC and BNB.
• Business insiders have defended CZ, acknowledging his long-term considering and previous accomplishments.

Zhao Changpeng (CZ), CEO of main crypto trade Binance, has vehemently denied current accusations of market manipulation in opposition to his enterprise. CZ responded to critics’ allegations, saying, “Binance sells neither BTC nor BNB. We nonetheless have luggage of FTT.”

The allegations, raised on social media by Binance critics, claimed that Binance was concerned in a posh scheme involving the shopping for and promoting of assorted cryptocurrencies to affect the market.

The critic’s unique tweet accused Binance of “promoting spot bitcoin at an astonishing fee to guard BNB” in opposition to a doable liquidation at $220. In line with the critic, proceeds from the purported sale of Bitcoin have been allegedly used to purchase BNB, which additionally curbed Bitcoin’s upside potential.

Notably, those that accused Binance of orchestrating manipulative buying and selling introduced market charts as proof of their claims. Nevertheless, the Binance CEO dismissed the allegations as Worry, Uncertainty and Doubt (FUD), commenting:

It is wonderful to know precisely who bought based mostly solely on worth charts involving tens of millions of merchants.

Moreover, some business insiders defended Binance. Ki Yong-ju, CEO of information analytics agency Cryptoquant, mentioned CZ is likely one of the few business founders with a long-term mindset and important achievements. Ju pressured the necessity to honor what CZ has achieved, acknowledging that his product performed a pivotal function within the earlier bull market.

Particularly, because the US Securities and Trade Fee (SEC) filed a civil lawsuit in opposition to Binance, BNB coin entered a bearish development and has but to get better.