Binance CEO CZ claims the exchange is not FTX, fights FUD among BNB holders
- Binance CEO fights fear, uncertainty and doubt after news of compliance officer and key executives quitting the exchange.
- CZ claims Binance is “not FTX” despite speculation by market participants.
- BNB price hovers around $235, marking a nearly 5% decline this week.
Binance CEO Changpeng Zhao addressed the Fear, Uncertainty and Doubt (FUD) among crypto market participants after news of executives leaving the exchange became public.
According to a Reuters report, several executives are leaving the exchange, citing different reasons for leaving in their tweets.
Also read: US NFP reaction: Bitcoin price wavers as investors reassess Fed expectations after jobs report
Binance CEO dispels FUD after losing key executives
A recent Reuters report revealed that Chief Strategy Officer Patrick Hillmann, Compliance Executive Steven Christie, General Counsel Hon Ng and Chief Business Officer Yibo Ling have quit the exchange.
The executives cited their personal reasons, however, market participants speculate that the US Securities and Exchange Commission's (SEC) crackdown on the exchange platform has resulted in the resignation of these executives.
CEO Changpeng Zhao (CZ) addressed the rampant FUD on Twitter:
They keep trying to make us "look like" FTX, but we are not...
— CZ Binance (@cz_binance) July 7, 2023
CZ explained that Binance is being compared to the bankrupt crypto exchange FTX, however, the two exchanges are not alike.
BNB price nosedived in response to the development
Binance’s native token BNB price has declined nearly 5% since July 3. BNB price dropped from $246.70 to $233.60. The decline is a response to SEC vs. Binance lawsuit developments and the intensifying regulatory crackdown on the exchange worldwide.
BNB/USDT one-day price chart
The native token’s price is below three Exponential Moving Averages (EMAs), 10, 50 and 200-day, at $239, $261.1 and $289.9, respectively. These three levels are likely to act as resistances in the event of BNB price recovery.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
