Home » Business » The cryptocurrency exchange Binance categorically denies that it has ever manipulated cryptotracks

The cryptocurrency exchange Binance categorically denies that it has ever manipulated cryptotracks


Cryptocurrency exchanges have faced many allegations of market manipulation in the past, some of which have proved to be true. The accusation did not escape even the largest cryptocurrency exchange in the world – Binance.

The latest allegation came from the now defunct Twitter account “RealFulltimeApe”, which claimed that its owner worked as a data engineer at Binance. In a tweet that has now been deleted, the user claims to have evidence (audio and video files) of Binance, which is openly using a strategy to liquidate leveraged trades in order to “increase the company’s insurance fund and profits.”

Binance outages

The recent outages encountered by stock market users have also given rise to much speculation. In several cases, Binance had outages that prevented users from accessing their services and caused some to lose millions. One of the notable outages in February was the stock suspension of deposits, withdrawals, spot and margin trading, P2P trading, trading on the OTC portal, as well as transfers of assets to sub-accounts, futures accounts and fiat wallets.

Although Binance has compensation plans in place for such events, there is still strong outrage in the cryptocurrency community because users were dissatisfied with the exchange’s customer support response or the compensation offered.

However, Binance’s management denied any allegations of market manipulation against them. They recapitulated their position in a recently published tweet, which generally states that they never “traded against their customers or manipulated the market.” The company also stressed that it is working to strengthen the relationship with regulators and expects that this step will result in less misinformation against Binance.

“After learning of the allegations of market manipulation against us, we want to clarify our position on this critical point. Binance has never traded against our users or manipulated the market. it will never even happen. “

The popular cryptoinvestor and critic Mr. Whale by bringing society’s regime of “robbing people” and “manipulating prices” is coming to an end. Mr. Whale had previously accused Binance of manipulating Tether in order to increase the price of BTC.

Binance in the spotlight of regulators

This popular cryptocurrency exchange has also been facing many regulatory scrutiny recently. Several countries, including the United States, the United Kingdom, the Netherlands, Germany, and Japan, have issued currency exchange warnings to users in their jurisdictions.

And to make matters worse, banks in some countries where Binance is under control have also ended their relations with the stock exchange. Banks in the Netherlands and the United Kingdom have stopped transactions with Binance for their clients. The US Securities and Exchange Commission recently confirmed in advance that it is investigating an exchange office on a “private” routine basis. The revelation was in response to the SEC’s request for Binance investigative submissions from one of the affected citizens under the Freedom of Information Act.

Conclusion

Binance has recently reiterated its commitment to its customers and changed its services to be more compliant. Following regulatory complaints, the Exchange has discontinued some of its services, such as derivatives and equity tokens, in several countries, including Germany, the Netherlands and Brazil. Binance has also reduced the maximum leverage trading it offers.

All this is also followed by the tightening of requirements for the verification of its customers (KYC) and the further hiring of strategic employees to strengthen its team so that it is possible to communicate properly with regulators. One such case is the recent appointment of Richard Teng, the former Chief Financial Officer of Abu Dhabi, as head of the Singapore Stock Exchange.

The situation around the popular cryptocurrency exchange Binance is turbulent and changing every day. One thing is clear, Binance is under the scrutiny of many.

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