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Cryptocurrency exchange Binance rejects market manipulation allegations

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Indrani bose Follow

INDIA

Aug, 24 2021

Aug, 24 2021

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In a Monday in response to a Twitter thread, the Leading cryptocurrency exchange Binance made statements rejecting the allegations of market manipulation and working against the interest of its users.

On Aug. 21 an An anonymous Twitter poster nicknamed RealFulltimeApe who claims to be Binance’s former big data engineer on the inventory and trade accused Binance that “keeps track of large leaks and intentionally injects/sells prices to make a profit”. The person claimed that the world’s largest crypto exchange is counter trading and liquidating its users thereby asserting he can “soon provide evidence” and he has “multiple audio and video files” to prove. Although to bolster his allegation nothing is shared at the time of publication.

The exchange implies taking legal action against "FUD-peddlers and individuals with malicious intent" threatening its business interests. The exchange said “Upon learning about allegations of market manipulation made against us, we want to make our position regarding this critical subject matter clear. Binance has never operated against our users or manipulated the market, and we never will”.

Binance take protective measures

Binance highlights on strengthening relations with regulators by reducing the number of “FUD-peddlers.” The exchange recently implemented mandatory know-your-customer (KYC) procedures for all existing users to adopt a proactive stance on compliance.

Warnings from authorities

To make investors careful about Binance Holdings Limited and its operation several warnings were given from authorities in various countries, including Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore, and the Netherlands. Regulatory warnings made some financial institutions to not allowing customers to send payments to the exchange.

The exchange is also, the subject of more than one class-action lawsuit alleging it has violated its futures trading rules. In July, Lexia Avvocati, Italy-based legal and the consulting firm declared that it represented investors who lost “tens of millions” of dollars from not being able to manage their trading positions due to the crypto exchange being out of service for several hours on different days. In August a Switzerland-based litigation finance provider Litai Capital, made similar allegations in a separate class action lawsuit filed.

 


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Indrani bose

CBW - External Analyst

INDIA

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