CZ, the founder of Binance, claims that the company did not purchase $2 billion worth of Bitcoin

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.

Binance purchased the dip and acquired about 101,266 Bitcoin, according to at least two news outlets, citing moves to a Binance cold wallet.

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.