Interpol rumor about Binance CEO slows Bitcoin rise

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Last Updated on 6 November 2023 by CryptoTips.eu

Despite a very strong increase of the price of Dogecoin, the rest of the crypto market was barely able to benefit from Elon Musk’s remarkable move (who replaced the Twitter logo with an image of a Shiba Inu, just like Dogecoin’s logo). In particular, the rumor of a red notice from Interpol for the arrest of Changpeng Zhao, the CEO of Binance, paused Bitcoin’s advance towards $30,000. Binance coin (BNB) itself briefly fell by some 10% but recovered quickly.

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CFTC (Commodities and Futures Trading Commission)

Although the CFTC (Commodities and Futures Trading Commission) announced last week that they would start a lawsuit against Binance, the cryptosphere didn’t seem too concerned about this. Some even claimed that almost all major crypto platforms are now due to appear before an American court in 2023. There are also cases against Kraken and Coinbase.

But when the rumor was launched yesterday about a so-called ‘red notice’ from Interpol against Changpeng Zhao, the CEO of Binance, it was a tad different. Bitcoin and especially Binance Coin seemed to pause their rise.

A ‘red notice’ means that Interpol asks all countries in its community to track down and arrest a specific person. It was Changpeng Zhao himself who eventually dismissed the news as just more FUD (fear, uncertainty and doubt).

The latest Fud was only spread by crypto news outlets and KOLs, likely planted/sponsored by another exchange. Very petty. Hurts the industry and hurts themselves. There are enough external forces attacking us. Our industry needs to unite at this juncture.

He said.

KOL stands for Key Opinion Leaders by which CZ meant that some on social media tried to temporarily lower the price of Binance Coin to take advantage of market conditions.

Bitcoin itself is trading around $28,500 at the time of writing and still looks headed for $30,000 in the short to medium term.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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