Coinbase corrects Binance on Bitcoin holdings

share to other networks share to twitter share to facebook
Binance and Coinbase

Leading crypto exchanges Coinbase and Binance were trending topics on Twitter after Binance's CEO Changpeng Zhao tweeted a message that seemed to question Coinbase's Bitcoin holdings.

In response to the tweet, Coinbase CEO Brian Armstrong replied to CZ, stressing the fact that Coinbase's financials are transparent and open to the public for further review.

Advertisement

Several Twitter users have called out CZ for insinuating false narratives about other crypto entities.

CZ deletes tweet questioning Coinbase bitcoin holdings

On November 22, CZ alleged that "Coinbase custody holds 635,000 BTC on behalf of Grayscale." CZ later shared an article that stated Coinbase had less than $600,000 in Bitcoin holdings, openly expressing qualms about Coinbase's financial disclosure.

Advertisement

He later tweeted that he was simply "quoting news reports," which later compelled Coinbase's CEO to issue clarifications and clear certain doubts that CZ had about the company's Bitcoin holdings.

In response to CZ's tweet, Coinbase CEO Brian Armstrong tweeted a series of detailed statements, adding that Coinbase's finances are open to the public for further review.

The new clarification issued by Armstrong propelled CZ to delete his controversial tweet.

Advertisement

CZ's impromptu tweet concerning Coinbase's Bitcoin holdings has been dubbed controversial by several Twitter users. Some of them tweeted their opinion on social media, adding that CZ may have "overstepped" by pointing out flaws that don't exist.

After the collapse of FTX, CZ has actively vowed to voice potential errors and warning signs that he may come across in the industry.

Advertisement

He had earlier stated how he would be pointing out alarming signals to establish transparency in the sector and protect users from additional risks.

Get the latest on FTX, Binance, Gemini exchange and Coinbase.