Binance co-founder Changpeng Zhao (CZ) denied the viral claims. It concerns the actions of exchanges during the 2020 market crash. On February 13th, CZ responded to a widely shared post accusing Binance of making over 60,000 yen. $BTC On BitMEX. This claim suggests that Binance was hedging users’ positions before the March 2020 crash. Furthermore, BitMEX recorded the largest withdrawal amount and profit in history.
4. Fake news. They’re just making things up haphazardly now. I don’t know what their purpose is. I feel sorry for people who believe this without seeing any evidence. 😂
Binance has never traded on BitMEX. @CryptoHayes (friend) would know. BitMex only processes withdrawals once a day (as far as I know… pic.twitter.com/qFBiyE1Lji
— CZ 🔶 BNB (@cz_binance) February 13, 2026
Mr. Zhao called the story “fake news” and said there was no supporting evidence. He also said that Binance has never conducted any trades on BitMEX. His reaction quickly spread across crypto social media, drawing attention to the original claim.
Approximately 60,000 viral complaints $BTC profit
The controversy began with a post from an account called @ThinkingUSD. According to the same post, Binance was the most profitable trader on BitMEX during the March 12, 2020 crash. Claims more than 60,000 exchanges were made $BTC By hedging the customer’s position.
It also said that this activity led to the largest withdrawal. Profits have been recorded on the platform so far. This statement quickly spread, with many users sharing it among various cryptocurrency communities. The claim was in reference to the so-called “Black Thursday” crash. That day in March 2020, $BTC Prices plummeted within hours. This move caused a massive liquidation on leveraged trading platforms, particularly BitMEX.
CZ’s direct rebuttal
CZ quickly responded to X’s accusations, writing, “Fake news. They’re just making up bullshit right now.” He added that he felt sorry for those who believed such claims without evidence. He also stated clearly. According to CZ, Binance has never traded on BitMEX at any time. He tagged BitMEX co-founder Arthur Hayes in his reply. He suggested that he could confirm that the claim was false.
Zhao pointed to BitMEX’s withdrawal process as another issue. He said the exchange only processed one withdrawal per day. That way, the huge single drawer will be very visible and easy to verify. Because of that system, he argued, the story technically doesn’t make sense.
Mixed reactions across crypto social media
This discussion quickly spread across crypto Twitter. Some users supported CZ and called the baseless claims FUD. They said there is no on-chain evidence or historical data to support this story. Some speculate about the exchange’s behavior in the event of a crash. Some wondered if the big platforms could hedge their positions elsewhere. Still, most responses focused on the lack of evidence behind the original claim. Similar accusations have been circulating in the crypto industry for years. Large exchanges often face rumors that they trade against their users or take unfair advantage of them. Many of these claims have yet to be proven.
Continuing reliability questions in the industry
This situation highlights a common problem with cryptocurrencies. Rumors can spread quickly, especially when large deals or dramatic numbers are involved. So far, there is no verifiable data supporting 60K. $BTC Claim. CZ’s public denial has refocused attention on the need for evidence. For now, the story remains a social media debate rather than a confirmed event.
