Binance didn’t buy US$2B worth of Bitcoin, founder Changpeng Zhao says
Binance did not buy US$2 billion worth of Bitcoin as reported by media over the weekend, its founder and chief executive officer Changpeng Zhao said on Monday in a tweet.
See related article: Bitcoin recovers above US$20K after weekend slump
Fast facts
At least two news sites reported that Binance had bought the dip and snapped up around 101,266 Bitcoin, citing movements to a Binance cold wallet.
“Another wrong article,” Zhao tweeted on Monday. “When Binance cold wallet increases, it means more users deposited to Binance.”
On Monday morning Asia time, Bitcoin’s price recovered above US$20,000 after falling to as low as US$17,708 on Sunday, according to data from CoinMarketCap.
Withdrawals on the Binance Bitcoin network were paused last week as Zhao said a stuck transaction caused a backlog, but the exchange resolved the issue within a few hours.
See related article: Binance resumes Bitcoin withdrawals