Binance Issues Statement Following Harsh Criticism: “FUD!”

Binance, the world’s largest cryptocurrency exchange, has responded strongly to recent claims of a “weekly capital outflow of $20 billion.”

Binance co-founder and Customer Service Officer Yi He responded to speculation on social media with a humorous tone, referring to those spreading “FUD” (fear, uncertainty, doubt).

“If you’re a crypto influencer and you’re offered less than $20,000 to share FUD about Binance, sell it as an insult. This is standard fees for others. If we can help anyone make $20,000 by criticizing Binance, we’d be honored,” Yi He wrote on the X platform.

Yi He’s statement came after quoting a post by popular crypto investor El Jaboom, who shared DeFiLlama data claiming Binance had received over $4 billion in inflows in the last 24 hours, thus denying the claims.

Rumors of this “massive outflow” began to spread yesterday following a post by CoinGlass. CoinGlass had claimed that Binance had experienced a net outflow of $21.75 billion in the last seven days. However, according to DeFiLlama data, Binance recorded a net inflow of approximately $900 million during the same period.

The statement on the CoinGlass website states that the data is collected from third-party sources and its accuracy is not guaranteed.

Binance has been forced to defend itself for the second time this week. Yesterday, the exchange announced that it “did not profit” from the token listing process. This statement came after Limitless Labs CEO CJ Hetherington claimed that Binance “requested 8% of the potential token supply and additional deposits” during the listing process.

Binance called Hetherington’s statements “unfounded and defamatory” and threatened legal action. However, the move has sparked widespread criticism within the community.

“We have removed our previous customer support post regarding the listing process. We stand by our position, but our communication was excessive. We apologize to our users, partners, and the wider industry,” the exchange said in a statement on Wednesday.

*This is not investment advice.