Binance is facing fresh rumors after a viral social media post is circulating claims that the exchange earned a staggering 60,000 BTC by trading on rival platform BitMEX during the 2020 market crash. On the morning of February 13, Binance Exchange’s co-founder Changpeng Zhao dismissed those claims by the unknown individual.
The viral post was shared via the X social media platform from Flood, who mentioned in their bio as CEO of Fullstack Trade, as the post mentioned that Binance exchange earned by hedging customer positions, the largest withdrawal and highest PnL on the platform to date.
For that, Zhao responded with that viral post’s picture on his X handle by saying, “ 4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof. Binance never traded on BitMex. @CryptoHayes (a friend) would know. BitMex processes withdrawals only once a day (as far as I know).”
Zhao also mentioned BitMEX co‑founder Arthur Hayes to point out an important limitation and mentioned that, at the time, BitMEX only processed withdrawals once a day, which would have made it impossible to make huge trades of Bitcoin instantly.
With that, most of the crypto community called the post a false story and baseless. One of the comments from Elja, a crypto commentator, said, “But it doesn’t make sense even. I mean, there are better fake stories than this.” Even, Zhao has replied to that by saying, “Maybe they only want to attract the (sorry for the lack of a better word) “not-so-sophisticated” people to their platforms.
Before this, last month, Zhao had also faced an allegation related to the October 10 crypto market crash, which resulted in a historic $19 billion wipeout in leveraged positions across the industry. During a live session on Binance’s social media channels, Zhao dismissed the allegations and attributed them to the broader market forces.
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