Changpeng Zhao, CEO of Binance, the world's largest cryptocurrency exchange by trading volume, published a statement regarding the recent fluctuation in the crypto market and discussed some allegations against his company.
Changpeng Zhao said that no one really knows why the market is rising or falling, and there are many sellers and buyers in a market, each with their own reasons.
He also denied some "false statements" circulating on the internet, such as Binance converting its assets into fiat money or engaging in insider trading.
CZ stated that over the past months/weeks/days, Binance fiat/stablecoin reserves (used to pay short-term salaries or expenses) have decreased, while crypto reserves have increased.
In addition, he also discussed the claim that the reason for the recent drop was the $ 1.3 billion altcoin reserves that could be forced to be sold on Robinhood. CZ explained that he had no idea about this subject and that users probably knew more than he did.
Why is the market is going up or down? No one really knows. A lot of people claim to know, and can often pin it on a single (often wrong) reason. In reality, there are many seller and buyers in a market, everyone may have their own reasons. A few examples.
False narrative:… pic.twitter.com/D3x5gd2qXO
— CZ 🔶 Binance (@cz_binance) June 10, 2023
CZ also touched on the trend of US bans and loosening cryptocurrency rules in China and Hong Kong, which has been on the agenda in recent weeks.
He argued that users should be able to manage the two emotions that are greed and fear in all markets. He stated that users need to manage their risk.
*Not investment advice.
