Binance Clarifies Forbes Report and Calls It an Intentional FUD

full version at coinedition

Binance denied secretly moving $1.8 billion BUSD collateral.
Forbes claimed Binance left BUSD holders exposed by removing the collateral.
Binance CEO said Forbes ignored deposit transactions to categorize Binance with FTX.

Binance, the largest crypto exchange, has refuted the claim by Forbes that the business secretly moved $1.8 billion in collateral designed to support the Binance stablecoin, BUSD.

“While Binance has previously acknowledged that wallet management processes for Binance-pegged token collateral have not always been flawless, at no time was the collateralization of user assets affected,” a Binance spokesperson told journalists yesterday.

In an article on Monday, Forbes claimed Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and other undisclosed uses, “leaving its other investors exposed.” Forbes based its argument on blockchain data from August to early December 2022, about the time FTX imploded.

However, the Binance representative said the on-chain transactions identified relate to internal wallet management. The spokesperson added: