BNB, the cryptocurrency created by Binance, the world’s largest Bitcoin and cryptocurrency exchange, is undergoing a phase of weakness amid a wave of questions about the platform and its founder Changpeng Zhao (CZ).
In the last 7 days, BNB price rose from $905 to $745, a decline of 17.7%..
As of the publication of this note, the asset is 45.9% below its all-time high (ATH) of $1,370, as seen in the chart below.
This price drop occurred in a situation characterized by a series of complaints spreading on social networks accusing Binance of alleged illegal activities. During an episode of high volatility recorded on October 10, 2025as reported by CriptoNoticias.
According to these versions, the exchange may have manipulated temporary payment records to exclude certain users from the compensation program announced after the operational failure.
One of the most widespread accusations was made by a user identified as @Mr_CryptoWhale, who asserted: Binance manually adjusted the timestamps and placed the settlement period outside of the redemption period.
The complainant said the system’s automated emails reflected times different from those listed in the platform’s internal records. These accusations were joined by other market participants who questioned the exchange’s transparency. CZ’s historical role in various episodes of tension within the industry.
Following mounting criticism, Zhao Changpeng denied the accusations and described the campaign as FUD (Fear, Uncertainty, Doubt). Binance founder denies the company is conducting any major asset sales, Platform claims to be a net accumulator. Additionally, the company said it operates under regulatory oversight and each transaction may be audited.
Other than the noise generated on social networks, it is not reflected in on-chain data for now. Structural deterioration of Binance’s financial condition.
According to information from on-chain data analytics firm CryptoQuant, the exchange has started converting the Safe Asset Fund for Users (SAFU) to Bitcoin (BTC). The first transfer was 1,315 BTC, equivalent to approximately $100 million.
The operation is part of the company’s announced plan to convert a total of $1 billion currently denominated in dollar-linked assets into BTC within 30 days.
The scheme also includes a rebalancing mechanism. If the market value of the SAFU fund falls below $800 million due to Bitcoin price fluctuations, Binance has promised to replenish the funds needed to reset the $1 billion threshold.
It should be noted that Bitcoin on exchanges remains at a high level. According to CryptoQuant historical data, Binance currently stores approximately 652,300 BTC. While net outflows of nearly $600 million were recently recorded, the amount is only 0.3% of the platform’s total reserves, a small proportion compared to the magnitude of the widespread accusations.
This contrast between the crisis narrative and operational data suggests that the impact of FUD in terms of solvency and liquidity is limited, at least for now. However, markets typically react to uncertainty in advance. Even if the facts are not yet confirmed.
In this framework, BNB has served as a general sentiment thermometer. The decline in prices reflects the tendency for investors to reduce their exposure in the face of questions about the transparency and governance of exchanges before the questions are resolved.
How do assets behave in stress scenarios? Market punishment could occur before fundamentals actually deteriorate.
For now, Binance is looking to reinforce its message of solidity with verifiable on-chain moves and strengthening its support fund. BNB price trends and user reactions in the coming weeks will be key. The aim is to assess whether the mistrust has been managed to dissipate, or whether this episode has left an even deeper mark on market perception.
