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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