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Investor Mike Alfred claims Binance has no CFO, in talks with W. Buffett’s firm for funding

Investor Mike Alfred claims Binance has no CFO, in talks with W. Buffett’s firm for funding

Value investor and Bitcoin (BTC) enthusiast Mike Alfred has recently made a number of (so far unconfirmed) claims about the crypto trading platform Binance, including that it has a ‘decentralized’ chief financial officer (CFO) and that it is in talks with major investors for support and credibility.

Specifically, Alfred said he had a phone conversation with “a fund manager closely connected to one of the earliest investors in Binance,” who told him that Binance has no single person acting as a CFO, as he detailed in a series of tweets published on December 22.

Instead, he alleges, a group of over 20 employees in the crypto exchange’s Treasury serves as a “decentralized CFO,” as its co-founder and chief executive officer (CEO) Changpeng Zhao “doesn’t want a single centralized CFO.”

Warren Buffett as Binance investor?

On top of that, Alfred claims that Binance is in active talks “with potential new ‘keystone’ investors, including Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A), about an equity round that would provide support and credibility to the company.”

Furthermore, according to Alfred, CZ’s company has also been having discussions “with a tier 1 auditor for a month,” and it invested $500 million in Twitter (NYSE: TWTR), as it burned $547 million of BNB in the last quarter of 2022.

That said, his statements were disparaged by some commenters, opining that Berkshire Hathaway would never be interested in funding Binance, considering its CEO Buffett and his right-hand man Charlie Munger’s negative stance on crypto, while others doubted the said phone call even happened.

Meanwhile, recent research has ranked Binance as the largest firm in the crypto industry, with a team of 7,300 employees, as hiring in the sector continues unaffected by setbacks like the collapse of FTX and bear markets that have dominated the larger part of 2022.

The positive results for the company arrive one month after an economist and a known crypto critic Nouriel Roubini slammed its CEO on stage at the Abu Dhabi Finance Week, expressing disbelief that Binance was allowed to operate in the United Arab Emirates (UAE).

BNB price analysis

At press time, BNB, a.k.a. Binance Coin, was changing hands at the price of $246.04, up 0.18% in the past 24 hours but still down 2.08% compared to the previous seven days, as its monthly losses amount to 17.31%, according to data retrieved on December 23.

BNB 7-day price chart. Source: Finbold

With a market capitalization of $39.36 billion, it holds the position of the fifth-largest cryptocurrency by this indicator, preceded only by Bitcoin, Ethereum (ETH), Tether (USDT), and USD Coin (USDC), as per the latest CoinMarketCap data.

It is also worth mentioning that Binance’s native token has recently been touted as ‘one of the best investments of 2023,’ as its technical analysis (TA) indicators showed a favorable historical pattern despite the longest losing streak since October, as Finbold earlier reported.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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