In the aftermath of the FTX collapse, Forbes published an article focused on the recent 'shuffling' of funds by the cryptocurrency exchange Binance. Binance co-founder and CEO Changpeng Zhao took to Twitter to tackle the FUD.
However, the following day on Feb. 28, Binance co-founder and CEO Changpeng “CZ” Zhao took to Twitter to respond. In response to the article, which he called"FUD," the CEO said:
“They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want.” In his series of tweets, he addressed various claims from the Forbes article. This included a “backroom maneuver” when Binance transferred $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group and Alameda Research between August and December 2022.
They called out Tron, Amber group, Alameda Research, etc. They seem to not understand the basics of how an exchange works. Our users are free to withdraw their assets any time they want. Their withdrawals are turned into “received hundreds of millions of shifted collateral.” 2/
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A Comprehensive Guide to Becoming a Binance P2P Cash Merchant | Binance BlogWhat sort of benefits can you get as a Cash Merchant on Binance P2P? 🔸 Exclusive ad posting options 🔸 Advanced managing tools 🔸 Increased brand exposure If those sound appealing, you can find out how to become one here 👇
Read more »
Binance Will List Liquity (LQTY) in the Innovation Zone | Binance SupportFellow Binancians, Binance will list Liquity (LQTY) in the Innovation Zone and will open trading for these spot trading pairs at 2023-02-28 11:00 (UTC) : New Spot Trading Pairs : LQTY/BTC, LQTY/US...
Read more »
Binance Moved $1.8B in Stablecoin Collateral to Hedge Funds Last Year: ForbesThis meant that over $1 billion worth of tokens called B-peg USDC – digital replicas of dollar-pegged stablecoin USDC – were uncollateralized despite Binance's claim that they were 100% backed.
Read more »
Binance CEO responds to mainstream FUD: ‘They don’t know how an exchange works’The Binance CEO expressed his disappointment in the article and responded by saying the authors of the piece “seem to not understand the basics of how an exchange works.”
Read more »
What Are Permissioned and Permissionless Blockchains? | Binance AcademyMany of the major blockchains are permissionless, like Bitcoin. However, permissioned chains are also commonly used when access needs to be decided rather than public, for example, in private enterprises. Learn the differences and use-cases for both 👇
Read more »