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Changpeng Zhao speaks out about rumors of Binance buying the dip of 2 billion USD in Bitcoin

Binance did not buy $2 billion worth of Bitcoin as the media reported over the weekend, chief executive officer Changpeng Zhao said this morning.

At least two websites reported that Binance bought the dip and raised around 101,266 Bitcoin, citing movements to Binance cold wallets. Before this rumor, Zhao spoke up.

‚ÄúThe report is incorrect. As Binance’s cold wallet balance grows, it means more users send funds to the exchange. These news articles probably do not understand the concept of cold wallets of exchanges.‚ÄĚ

This morning, Bitcoin price recovered above $20,000 after falling to a low of nearly $17,500 on Sunday, according to data from TradingView. Currently, the price is hovering in the high area above $19,900.

Bitcoin/USDT trading pair chart on Binance exchange.
Bitcoin/USDT trading pair chart on Binance exchange.

Bitcoin withdrawals on the Binance network were halted last week. Zhao said a stuck transaction caused the backlog, but the exchange resolved the issue within hours.