©Reuters. Binance CEO Criticizes Renowned Bloomberg for Publishing Fake News
- Binance CEO labeled a Bloomberg report “shitty journalism.”
- Bloomberg reported that Binance’s reserves were primarily made up of a proprietary token, BUSD.
- CEO Zhao said that his exchange is not the issuer of BUSD, and the tokens remain in the form they were sent by their user.
Changpeng Zhao (CZ), the CEO of the largest cryptocurrency exchange Binance, criticized Bloomberg, a major media agency in the United States, for publishing false news about his business.
Based on supposedly reliable data, Bloomberg reported that Binance’s reserves were mostly made up of a proprietary token, BUSD, the third largest stablecoin. CEO Zhao described the article as “shitty journalism,” clarifying that his exchange is not the issuer of BUSD. Instead, the third-party company Paxos, under NYDFS regulation, was in charge of the BUSD issuance.
journalism.#BUSD is issued by Paxos, a NYDFS regulated entity, not Binance. The numbers are also wrong. These are user assets, in the form that users choose to store with us. We do not convert for them. pic.twitter.com/YUwg0yaDLN
— CZ Binance (@cz_binance) November 11, 2022
Additionally, CZ said that BUSD tokens under Binance supervision remain in the form their customers sent them without conversion. Interestingly, Bloomberg removed the erroneous news.
Additionally, a cryptocurrency trafficker FUD alleged that Bitcoin-loving country El Salvador might have been exposed to the embattled FTX exchange. However, the CEO of Binance phoned the president of El Salvador to confirm this, and the president stated that the country never had any business dealings with FTX.
Given the recent insolvency of FTX, the second largest crypto market until its bankruptcy, Binance published the balances of its cold wallet addresses for transparency purposes. The exchange controls 475k units of, 4.8 million tokens, 21.7 billion BUSD, and more than 590 other coins.
#Binance published cold wallet addresses and balances for 6 of our 600 coins. More to come. 475K BTC4.8M ETH17.6B USDT21.7B BUSD601M USDC58M BNBThese were public before anyway, but have been arranged together for easy viewing.https://t.co/Jm6dVoDqM5
— CZ Binance (@cz_binance) November 10, 2022
Other popular crypto exchanges like Coinbase (NASDAQ:) and KuCoin have also released details of their cold wallet balances. Last Wednesday, CZ advised the crypto community that asset brokers should avoid using tokens they create as collateral.
Notably, Binance made the financial decision to liquidate its FTX token after an investigative report revealed that FTX’s balance sheet primarily contains FTT tokens rather than stand-alone assets such as fiat currency.
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