Changpeng Zhao, CEO of Binance, reminded that company employees are prohibited from trading crypto futures. Zhao made this statement in response to a claim by user X that he was trading futures during the drop yesterday. While CZ said that his employees, including himself, are prohibited from trading futures, he also said that the product testing team has a certain quota and implied that they only hold cryptocurrencies.
In the markets triggered by the close to 10% decline of Bitcoin, liquidations exceeding $ 1 billion in crypto futures in the last 24 hours attracted a lot of attention. Meanwhile, while Bitcoin regressed to the $25,000 band, a buy position of $472 million in BTC was closed. An account with a high following on the X platform claimed that CZ’s BTC positions were among the liquidated positions. However, Binance CEO denied this claim.
According to a previous statement by Binance, company employees are prohibited from trading crypto futures and employees are required to hold their crypto assets for at least 90 days. Binance also declared that it has an internal security team that regularly monitors many crypto exchanges to detect the trading activity of employees.