Feb 28, 2023

Binance CEO Tackles FUD in Response to Forbes Article

The crypto world was shaken up on February 28th, when Forbes published an article outlining a series of large-scale fund transfers by the cryptocurrency exchange Binance. In response to the speculation, Binance co-founder and CEO Changpeng Zhao took to Twitter to clarify the transactions.

The article suggested that Binance had been involved in a “backroom maneuver” when it shifted $1.8 billion in stablecoin collateral to hedge funds such as Tron, Amber Group, and Alameda Research between August and December 2022. CZ refuted the claims, stating that users were free to withdraw their assets at any time and that the withdrawals had been misinterpreted as “shifting collateral”.

The article also drew parallels between Binance and the now-defunct FTX in the lead-up to its demise and the failed Voyager bid by Binance.US. The article further discussed the United States Securities and Exchange Commission’s planned legal action against Paxos Trust Company, the issuer of Binance-branded stablecoin, BUSD.

In February 2022, Forbes reported that Binance would take a $200 million stake in the company as a strategic investment. However, in June, CZ said the company’s investment agreement was “changing” after Forbes’ deal to go public fell through.

The article from Forbes comes after the New York Department of Financial Services (NYDFS) ordered the blockchain company Paxos Trust to terminate its issuance of BUSD. On February 13th, it officially announced it would no longer be minting the stablecoins while giving them a redemption time period until February 2024. Binance has since said it still supports BUSD and is now exploring non-USD stablecoins.

The crypto space has seen a surge in NFTs and the excitement surrounding them has been palpable. Binance has been at the forefront of this trend and has been actively promoting it. The exchange recently announced a partnership with NFT marketing agency Web3 Agency to launch an NFT promotion platform. The platform will allow users to easily create, launch, and manage their NFT campaigns on Twitter.

The platform will also offer a variety of tools to help users promote their NFTs, such as automated tweets, targeted ads, and analytics. Binance is also planning to launch its own NFT marketplace, where users can buy, sell, and trade NFTs.

The partnership between Binance and Web3 Agency is yet another example of the exchange’s commitment to the growing NFT space. With Binance’s support, Web3 Agency will be able to expand its reach and help more users get involved in the world of NFTs.

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