Binance is said to have sold its own Bitcoin and Ethereum reserves.

Binance Allegedly Sold Its Own Bitcoin and Ethereum Reserves, But Crypto Exchange Denies

Rumors are circulating in the crypto scene that Binance allegedly sold its bitcoins and ethers to manipulate prices. However, the world’s leading crypto exchange by trading volume dismisses these allegations vigorously.

This weekend, a debate about alleged market manipulation by Binance broke out on social media X, formerly known as Twitter. Influential voices like digital asset manager Capo of Crypto and ex-BitMEX CEO Arthur Hayes raised suspicions that may have been orchestrated. The allegations center on claims that Binance allegedly sold its own Bitcoin and Ethereum reserves to support the prices of BNB and BTC. Furthermore, it is speculated that Binance may have wanted the prices of these two major cryptocurrencies to approach critical safety levels.

In a particularly detailed tweet with over 1.5 million views, the Capo of Crypto writes, “Binance is in trouble.” He hypothesizes that Binance is struggling to keep BNB above critical support levels and thus resorts to using BTC, ETH, and other cryptocurrencies to do so. He supplements his claims with data analysis purportedly proving his suspicions.

Arthur Hayes seemingly entertained the idea that the rumors might be credible and asked for confirmation in a tweet. However, Hayes later stated that he was “neutral” and was merely continuing allegations circulating on X.

Binance reactively issued a denial. Chief Strategy Officer Patrick Hillmann wrote on X: “Please ignore the haters. Despite various attempts by some to spread false rumors over the past few months, our strategy has remained unchanged. We are building infrastructure for the next cycle.”

Binance co-founder Yi He also commented and stated, “While others choose to generate negativity to cater to their audience, we remain focused on what we do best: building. We find motivation in changing the world one day at a time.”

Binance emphasizes that its own reserves of Bitcoin and Ethereum have not been misused. Instead, Binance retains its confidence, announcing an expansion of its services.