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Binance CEO Changpeng Zhao

CZ Slams FUD Of Binance Shuffling Assets Like FTX

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In an article published yesterday, Forbes once again attacked the world’s largest cryptocurrency exchange Binance for alleged misconduct in handling customer funds. CEO Changpeng Zhao, better known as “CZ,” vehemently denied these claims today, accusing the news outlet of intentional false representations.

These Are the Allegations Against Binance

Forbes alleges in the article published Monday that Binance transferred $1.8 billion in collateral to hedge funds such as Alameda and Cumberland/DRW last year, which was intended to back their customers’ stablecoins. The problem does not revolve around Binance pegged USD (BUSD), but B-peg USDC.

Related Reading: Did Binance Liquidate All Derivatives Positions In Australia? Here’s What We Know

The investigation of blockchain data from August 17 to early December concluded that there was no collateral for the B-peg stablecoin, although the exchange said they were fully backed. Customer funds meant to back the USDC digital replicas could thus have been used to fund other trades, similar to FTX.

CZ responded to this allegation today, questioning the integrity of Forbes.

I am reluctantly spending time on FUD again (4). Forbes wrote another FUD article with lots of accusatory questions, with negative spins, intentionally misconstruing facts. They referred to some old blockchain transactions that our clients have done.

CZ discussed that Forbes named Tron, Amber Group, Alameda Research, etc. and doesn’t seem to 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.”

Related Reading: Binance Negotiates With US Regulators After Admitting Regulatory Flaws

As the CEO further explains, the article disregards the fact that users must first deposit funds with Binance in order to make withdrawals that have not been investigated. Furthermore, CZ states:

The article tries hard to categorize Binance and FTX together, including the choice of the article title. We are different. Binance has stood the test of time, with users safely withdrawing billions of dollars in December.

In addition, Binance’s CEO emphasized that the exchange has implemented a proof-of-reserves with a new Zero Knowledge (ZK) approach, proposed by Ethereum co-founder Vitalik Buterin, that protects user security and privacy. “Binance holds user funds, 1:1, always,” CZ continued, closing his rant:

I am deeply disappointed that Forbes continues to write baseless articles, losing their own credibility.

The Forbes article comes after the largest U.S. crypto exchange Coinbase announced yesterday that it will cease trading the stablecoin BUSD. The stablecoin issued by Paxos was scrapped after the Securities and Exchange Commission (SEC) issued a Wells Notice against its issuer, and can be redeemed until February 2024.

At press time, BNB traded at $301.68, still holding the above the 200-day Exponential Moving Average (EMA).

Binance Coin BNB price
BNB price holding above 200-day EMA, 1-day chart | Source: BNBUSD on TradingView.com
Featured image from MoneyWeek, Chart from TradingView.com
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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