Binance Chief Executive Officer Changpeng Zhao, fondly called CZ in the crypto space, has asserted that he does not believe a recent Bloomberg report that claims that Circle complained to regulators about Binance.

CZ made this view known in a Binance ask me anything (AMA) session hosted an hour ago on Twitter spaces. According to CZ, about 48 minutes into the AMA, it is unlikely that a professional industry peer would want to do that to another, as he believes it hurts the entire industry and Circle.

In its report yesterday, citing an unidentified source, Bloomberg disclosed that stablecoin issuer Circe had filed complaints against Binance with the New York State Department of Financial Services for mismanagement of reserves for its Binance-pegged version of USD Coin (USDC). Per the report, Circle made this complaint last autumn, expressing the belief that Binance did not hold full reserves for its Binance-pegged tokens issued for use on the Binance Smart Chain (BSC). The source alleges that at one point, Binance only had $100 million in reserve to support $1.7 billion in Binance-peg USDC.

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