Onchain analysts say the data show no signs of crisis at Binance, even as a wave of online criticism warns the exchange could become the new “FTX.”
Despite ongoing market volatility and Bitcoin (BTC) briefly dipping below $74,000 on Tuesday, Binance shows “no signs of stress,” according to the blockchain analytics company CryptoQuant.
“Binance holds around 659,000 BTC, virtually unchanged from 657,000 BTC at end-2025,” CryptoQuant said in a statement shared with Cointelegraph on Wednesday, highlighting “no material reserve erosion during the current Bitcoin sell-off.”
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Is everyone suddenly deleting Binance accounts?
On Tuesday and Wednesday, a cluster of similarly named X accounts began posting identical messages: “I decided to close my Binance account.”
Several of the accounts, including Wei BNB (weinbnb), Hao BNB (bnbhao) and Wang BNB (wangbnbwhale), shared near-identical usernames, posted the same text and used the same avatar imagery at the time their posts went live.
Some of the accounts appear coordinated or inauthentic, based on naming patterns, posting behavior and shared avatars, according to a Cointelegraph review.
Earlier activity on the account suggests it was run by a different person before it began tweeting about crypto around August 2025.
Binance co-founder Changpeng Zhao responded to the situation on X, calling the post an example of bad behavior while emphasizing that the platform welcomes constructive feedback.
Others, including hardware wallet provider Trezor, amplified the posts, highlighting the process of migrating funds from Binance to a hardware wallet.
Related: Binance buys dip with first $100M Bitcoin purchase from $1B SAFU fund
“At a moment when our industry should be focused on growth and continuing to build trust, the rise of misinformation is a serious and escalating threat,” a spokesperson for Binance told Cointelegraph, adding:
“The ease with which bad actors can create or purchase multiple social accounts to spread false narratives cannot be ignored.”
Some criticisms against Binance come from genuine X accounts
Not all criticisms against Binance come from suspicious social media users. The exchange has been the center of controversy as of late as several crypto community members, including OKX founder and CEO Star Xu, claimed that Binance played a major role in the mass liquidation event of Oct. 10, 2025.
The executive argued that the crash was driven by high-risk marketing campaigns and excessive leverage, particularly involving Binance’s USDe promotion.
While the event exposed systemic vulnerabilities and caused widespread losses, Xu emphasized that his goal was not to assign blame but to highlight the need for responsible practices, transparency and long-term trust in crypto.
Binance denied the claims that its platform caused the flash crash in October, referring to a post published on Jan. 30.
Cointelegraph approached “LeonidasNFT,” one of the most active Binance critics on X, but did not receive a response by the time of publication.
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