Binance's founder and CEO Changpeng Zhao confirmed in a tweet on Monday that the company did not buy $2 billion worth of Bitcoin over the weekend as reported by the media.
On Monday, Zhao tweeted, "Another false article." "An rise in Binance cold wallet suggests more people have deposited to Binance."
According to CoinMarketCap data, Bitcoin's price returned above US$20,000 on Monday AM Asia time after dipping as low as US$17,708 on Sunday.
Last week, withdrawals on the Binance Bitcoin network were halted due to a backlog created by a stopped transaction, according to Zhao, but the issue was fixed within a few hours.