Binance "Does Not Sell Assets... Part of Financial Accounting Process"

Son Min

Summary

Binance stated that claims of asset sales are not true, explaining it as part of the financial accounting process.
Binance emphasized that customer assets are safely protected and mentioned the SAFU fund.
Some investors criticized Binance's explanation as unclear, while analyst AB Kuai.Dong mentioned the conversion of its own holdings.

Binance has stated that claims of selling its assets are not true.

On the 10th (local time), Binance's customer support account stated on X, "We do not sell assets," and "This action is simply part of Binance's financial accounting process." They added, "User funds are safe and protected." SAFU refers to the user asset protection fund introduced by Binance in 2018.

However, some virtual asset investors pointed out that "no one claimed Binance sold user assets," calling Binance's explanation a half-hearted one.

Previously, virtual asset analyst AB Kuai.Dong stated on X, "Binance is selling its own holdings of Bitcoin (BTC) and Ethereum (ETH), unrelated to user assets," and "Most of the virtual assets held, including BTC and ETH, have been converted to USD Coin (USDC)."

BTC

ETH