Cryptocurrency exchange Binance rejects market manipulation allegations


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.

Indrani bose
CBW - External Analyst
INDIA