Bitcoin Fake news: Binance “buys” 101,266 BTC?  That's not quite it!

Bitcoin Fake news: Binance “buys” 101,266 BTC? That’s not quite it!

Yes but no – The market of Bitcoin (BTC) and cryptocurrencies has been more than feverish in recent days. Especially with a price of BTC that we have seen drop below 20,000 dollars. In this kind of bear market (bear market), good news tends to be overshadowed by bad news. This time, a (false) assertion about Binance was far too optimistic. Because unfortunately, and contrary to initial statements, the Changpeng Zhao platform did not buy the most 100,000 BTC who arrived on his cold wallet.

Binance “adds” 101,266 BTC to its secure wallet

This June 18, 2022, a little (a lot) too much enthusiasm came froma transactionwhich occurred within block N°741287 of the blockchain network of Bitcoin. In this case, it was a transfer of 101,266 bitcoins on a wallet. Either close to $2 billion at the time of the transaction. And not on any wallet in addition: that of the crypto-stock exchange Binance.

While the media was already headlining the “massive purchase” of bitcoins by Binance, its co-founder and CEO – Changpeng “CZ” Zhao – had to quickly put the kibosh. This is not an investment on the part of the crypto exchange platform, but simply a safe deposit of the BTC from users from Binance.

Indeed, a cold wallet allows offline storage of crypto-assets. This makes them much less easily reachable by hackersvia Internet.

“Another erroneous article [ci-dessous]. When [les BTC] on the Binance cold wallet are increasing, it means that more users have deposited on Binance. This journalist does not seem to understand the concept of cold wallet for exchanges.
>> Breaking: Binance buys the low point and adds 101,266 bitcoins. »

Twitter account @cz_binance

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CZ is satisfied with the juicy exchange fees to reap the BTC

Even if Binance did not buy these bitcoins, the platform has another way to accumulate this digital gold: its exchange fee !

While Changpeng Zhao is suggested that Binance “should buy” such an amount, the CEO replies on his Twitter account that the exchange permanently stockedwith each exchange of BTC through its services.

“I tend to agree. But we’re already accumulating [des bitcoins] by fees. At all times and in a very consistent way. »

Changpeng Zhao explains that Binance accumulates BTC through its exchange fees.
Twitter account @cz_binance

Even if the cryptosphere badly needs good news bullish (bullish), getting carried away too quickly without checking is counterproductive. Still, the positive remains that, in CZ’s own words, Binance has always trust in Bitcoin, since it “accumulate”. The crypto-stock exchange will however have to face a few judicial uproar, because of the disaster of Terra (LUNA) and its stablecoin UST.

Do you want to do like CZ and regularly accumulate bitcoins? Nothing’s easier, register on Binance THE absolute benchmark in the sector. Then schedule a recurring purchase of your favorite crypto (affiliate link).

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