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<p class="is-style-lead">Changpeng Zhao (CZ), the CEO of Binance, has refuted claims by some crypto traders suggesting that he has been selling off the bitcoin holdings in exchange for BNB in a bid to cushion the latter’s freefall.</p>



<p>The <a href="https://crypto.news/bill-to-dismiss-sec-chairman-gary-gensler-gains-support/">Gary Gensler</a>-led United States Securities and Exchange Commission&#8217;s (SEC) recent enforcement actions against Binance and Coinbase, literally <a href="https://crypto.news/bitcoin-global-crypto-market-falls-sec-binance-coinbase-weekly-recap/">tumbled</a> the markets, with bitcoin and altcoins experiencing significant price declines.</p>



<p>Just like every other crypto asset on the market, the price of Binance’s native BNB token dipped firmly, hitting a low of $220 on June 12. However, the asset has somehow managed to regain its bullish momentum, reaching a high of $252.8 on June 14.</p>




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<p>Recall that on June 13, crypto traders with the Twitter handles @52kskew and @JW100x attributed BNB’s resurgence to Binance’s massive dumping of bitcoin (<a href="https://crypto.news/bitcoin-price/">BTC</a>) on the market in exchange for the former.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Binance and CZ have been selling spot Bitcoin at an alarming rate, to defend the <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BNB</a> $220 liquidation waterfall<br><br>As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin<br><br>It is a total house of cards <a href="https://t.co/ils8nsQiXd" target="_blank">pic.twitter.com/ils8nsQiXd</a></p>&mdash; JW (@JW100x) <a href="https://twitter.com/JW100x/status/1668651294502821891?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>@52kskew tweeted: “Can confirm this is true. Looks like BTC is being sold off for USDT reserves. USDT reserves are being pumped into BNB aggressively since 27th May BNB is being sold off for BUSD to suppress volatility in BTC. BUSD is pumped into BTC to suppress downside volatility.”</p>



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<iframe title="The whole FUD Binance in 2023 - Part 1 | 07 June 2023 | Crypto News 24h #shorts" width="1020" height="574" src="https://www.youtube.com/embed/fnhAa-p0MQo?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>However, CZ has refuted the above claims, describing them as mere FUD.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">4. Binance have not sold BTC or BNB. We even still have a bag of FTT.<br><br>It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. 🤷‍♂️ <a href="https://t.co/M3MUH2bFRE" target="_blank">pic.twitter.com/M3MUH2bFRE</a></p>&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1668735411705765893?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 13, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>At the time of writing, BNB is exchanging hands for $248.12, representing a 5.5% increase in the last 24 hours. BNB has a market capitalization of $38,691,969,96, making it the world’s 4th-largest crypto, according to CoinGecko.</p>




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Binance’s Changpeng Zhao denies selling BTC for BNB

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