Binance CEO Changpeng Zhao (CZ) Stuns Market with Unexpected Trade on APX Finance

On March 23, Binance founder and former CEO Changpeng Zhao (CZ) grabbed attention once again this time with an unexpected trade on APX Finance.

Binance founder Changpeng Zhao (CZ) has once again grabbed attention with an unexpected trade that had everyone talking. This time, CZ was spotted opening a 24.7x leveraged long position on the memecoin (MUBARAK) with 0.04 BNB as collateral via APX Finance.

The transaction was first flagged by on-chain analyst

as he shared the activity on X, tagging CZ and stating that the trade was funded by a public donation address and has since been closed.

In response to the tip, CZ downplayed the move, stating that he was merely doing some Sunday "on-chain testing."

He added:

"No time to test perp myself, so I asked the team to help set up a small account and do a few trades. Like, really small. But I am not trading, really."

However, despite his claims of the move being a "test," it quickly drew attention due to the surprising nature of the trade and the leveraged nature of the position.

The interesting move comes after Ben Armstrong, host of the crypto YouTube channel "Bitcoins Begins Here," posted a video highlighting the "huge losses" that traders were incurring due to maximal extractable value (MEV) on BNB Chain.

In the video, Armstrong stated that traders were experiencing price slippage and rapid liquidation due to MEV, leading to significant financial setbacks.

He urged CZ to take notice of the issues that traders were facing and to intervene accordingly.

According to Root Data, the trading volume for MUBARAK later surged to a staggering $180 million following CZ's purchase of 20,150 MUBARAK for 1 BNB, valued at around $600 at the time.

This buy triggered a massive rally for MUBARAK, which briefly claimed the top spot on the BNB Chain's memecoin rankings.

The market reacted quickly, with APX (APX) surging by a staggering 26% in just seven minutes after CZ opened his position, rising from $0.64 to $0.81. At the same time, MUBARAK saw a more modest but notable 5.5% jump, climbing from $0.146 to $0.154.

Those who followed the activity closely might have expected to see some swift action from the Binance CEO following his involvement in perpetual trading.

While it might have looked like a casual trade to some, CZ later clarified his real purpose behind the move. He wrote on X:

"Just trying the experience, also trying to see if there is still MEV. People say yes, but I want to test myself. Sadly no time to test perp myself, so I asked the team to help set up a small account and do a few trades. Like, really small. But I am not trading, really."

For those unfamiliar, MEV refers to the ability of validators or miners to rearrange or reorder transactions within a block for profit.

Although MEV is most commonly associated with the Ethereum (ETH) network, BNB Chain users have not been spared. In 2024 alone, it’s estimated that BNB users have lost approximately $1.5 billion due to MEV.

CZ's trade was part of an ongoing exploration into these issues, following a poll he ran on X on February 7, asking whether the BNB Chain should eliminate or reduce MEV issues significantly.

The crypto community is watching closely as every action from CZ tends to send ripples through the market, and his involvement in perpetual trading even as a test has sparked discussion around BNB Chain's infrastructure, validator behaviour, and user security.

With MEV continuing to pose challenges, traders are hopeful that CZ's efforts will lead to actionable solutions. Until then, it’s clear that even the smallest moves from one of crypto's most influential figures can still stir markets and inspire both excitement and speculation.