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Binance’s CZ Critical of CoinBase CEO for Selling Shares?

Binance-s-CZ-Critical-of-CoinBase-CEO-for-Selling-Shares
  • CZ just tweeted Binance’s plans of burning team-owned allocation of BNB
  • His tweet could be referring to CoinBase CEO’s sale of shares worth $291.8 million
  • CZ clarified further that he is not against cashing out, and applauded Coinbase’s work

Yesterday, Binance founder Changpeng Zhao (CZ) tweeted his company’s plans to burn the team-owned BNB. Currently the Binance  team holds 40% of BNB supply from the ICO.

“We have not sold a single BNB so far,” the tweet said.

Of the nearly 200 million Binance coin supply, Binance allocated 40% to their team from its Initial Coin Offering. This would mean that right now, the Binance team owns just over $37 billion in BNB at current lowered prices.

The CEO claimed that they haven’t sold any BNB, and plan to “burn them all.” Just last week, CZ already foreshadowed this by tweeting how burning coins takes them out of circulation forever, followed by an announcement of BNB burning soon. He also mentioned that this will increase the value of the remaining coins.

The timing and wording of the tweet have led some to suspect whether CZ is actually throwing shade at CoinBase CEO Brian Armstrong. The latter sold almost 1.5% of his total stake in the exchange on its first day of trading on Nasdaq. Armstrong sold 749,999 shares, valued between $381 to $410, for total proceeds of $291.8 million.

CZ however, taking note of this development, tweeted further that he was not against people cashing out. He applauded Brian for working hard and being a leader for the industry.

Recently, CZ has been very active on Twitter, sharing strong opinions with regards to the crypto ecosystem as well as big players in the industry. Recently, he also made the news for his reactions to the decline in the digital asset market.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.