Binance CEO Changpeng "CZ" Zhao has denied rumors that the cryptocurrency exchange has been selling Bitcoin to prevent the price of Binance Coin from dropping below certain levels. In a tweet, Zhao clarified that Binance had not sold any BTC or BNB and even holds a reserve of FTT tokens. The rumors gained traction after popular traders tweeted about a perceived correlation between BTC sell-offs and BNB purchases. The traders claimed that BNB was being sold off for BUSD to suppress BTC's volatility. Others stated that BNB purchases were defending against liquidation at $220 but capping BTC's potential upside, likening it to a precarious situation. CZ's statement aimed to dismiss these speculations and assure users that Binance has not engaged in such activities.
