- 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.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
LINK price jumps 10% as Chainlink races toward tokenization of funds
Chainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.
Gaming token Notcoin down by almost 50% after airdrop launch
NOT experienced a rapid decline hours after its anticipated launch on Thursday, shedding almost 50% of its value. This continues the cycle of huge selling pressure faced by cryptocurrency airdrops after their launch, especially the launch of gaming tokens in recent times.
Ethereum drops below $3,000 again, spot ETH ETF sparks debate in crypto community
Ethereum again went below the $3,000 key level on Thursday after posting signs of a rally. The price action follows predictions from the community regarding the SEC's decision on spot ETH ETFs next week.
SUI price defends $0.8880 amid multiple Sui network integrations
Sui (SUI) price failed to heed to the broader market recovery on Wednesday, extending the fall to the $0.8880 support level. However, with multiple network integrations in the works, the altcoin has pivoted around this level and is scaling a recovery.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.