CZ Says Interpol Red Notice Rumors Are FUD
America’s war on crypto has targeted Binance, the world’s largest crypto exchange. In late March, the Commodity Futures Trading Commission unleashed a barrage of accusations against Binance and CEO Changpeng Zhao.
Since then, the firm’s market share has plunged as much as 16%, according to recent research.
On April 3, Kaiko research director Clara Medalie reported that Binance’s global market share has slumped in Q1.
#Binance‘s market share plummeted 16% over the past 2 weeks.
Two major events triggered the drop:
a big CFTC lawsuit
the end of their zero fee trading program pic.twitter.com/lxqv8Z0qDM— Clara Medalie (@Clara_Medalie) April 3, 2023
Binance Fighting FUD Fire
Furthermore, five days after the CFTC action, a new $1 billion lawsuit was filed against the company by a law firm representing three American investors.
According to institutional-grade blockchain data provider Kaiko, Binance remains the largest in the world, with 54% dominance. It found that the market share losses for Binance had been absorbed by Upbit:
“Upbit is the only exchange out of 17 analyzed to claim a significant share of volume, although a lot of recent volume on the Korean exchange is concentrated in XRP trading pairs.”
Moreover, Binance’s excess volume largely vanished with the end of zero-fee trading, the report added.
On April 3, Glassnode reported that there has also been an exodus from the Binance stablecoin BUSD. This comes after enforcement action against its issuer Paxos in February. Since the beginning of the year, BUSD supply has shrunk by 55% to current levels of around $7.4 billion.
It also noted that the overall USD value of Binance reserves has declined by 45% or almost $30 billion but stabilized at $36 billion since the FTX fallout. However, it concluded that Binance was weathering the storm so far.
“Despite the developing friction between Binance and regulators, the platform appears to be primarily experiencing a stablecoin shuffle, and remains the largest centralized exchange in the market.”
CZ Interpol FUD
Rumors have emerged on crypto Twitter that Interpol has put out a “Red Notice” for Changpeng Zhao.
A “Red Notice” is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.
However, CZ responded stating that it was a Photoshopped image, fake news, and more FUD.
How FUD starts, then… pic.twitter.com/spg9iiI8As
— CZ Binance (@cz_binance) April 3, 2023
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