CZ Calls Out “Bad Players” For Crypto Exchange Jitters

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Crypto Change Binance CEO Changpeng ‘CZ’ Zhao has raised concerns with traders after studying the notorious phenomenon of trade jitters on different crypto exchanges.

The nervousness in buying and selling crypto relates to a trade event in which an investor’s buy or sell order will be taken and canceled in the checklist, allowing new trade orders to proceed.

While CZ’s jitter considerations weren’t explicitly aimed at any specific change, the crypto group on Twitter assumed it was a dig at FTX, a crypto change led by Sam Bankman-Fried. Responding to the group’s response that ran the “nerve” as a well-known and accepted storyline, CZ added:

“You all knew and you didn’t say anything. We have to fight unhealthy players.

CZ also contacted VIP traders on Binance, who reportedly confirmed that they were aware of the illicit trading actions. The oblique allegation towards FTX completely coincides with the timeline when the Federal Deposit Insurance Company (FDIC) issued a stop and desist order to the change and four other crypto companies.

According to the FDIC, FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec allegedly misled traders by claiming that their goods were FDIC insured. Reacting to the order, FTX US President Brett Harrison deleted a tweet make claims disputed by the FDIC. Nonetheless, Crypto Twitter was quick to level several different cases when Harrison falsely claimed FDIC insurance coverage.

In an attempt to cushion the freefall, SBF revealed its intention to work with the FDIC sooner or later while reiterating that “FTX US is not FDIC insured.”

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Along with the above developments, FTX reportedly started blocking accounts that sent cryptocurrencies via zk.cash, a non-public Layer 2 chain provided by the Aztec community on Ethereum.

In response, SBF backed FTX’s determination to monitor accounts citing anti-money laundering (AML) compliance. Nonetheless, he refuted the claims adding, “but that doesn’t mean any accounts have been frozen.”

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