BNB Price Jumps 15% as Changpeng Zhao Defends Binance Ecosystem

Core Insights - Binance Coin (BNB) has experienced a significant rebound, increasing by 15% in the past 24 hours and trading at $1,320, indicating a strong recovery in the crypto market [1][2] - The trading volume for altcoins surged by 57% to $10.89 billion, reflecting increased market activity [2] - BNB futures open interest rose by 28% to $2.48 billion, suggesting bullish sentiment among traders [3] Company Response - Changpeng Zhao (CZ), founder of Binance, defended the exchange against accusations of market manipulation and congestion during recent liquidations [4][5] - CZ emphasized that BNB operates independently without external market makers, asserting that recent price movements are market-driven [5] - Binance announced a $283 million compensation for users affected by the recent market volatility, highlighting its commitment to user protection [6]