Binance Denies Allegations of Market Manipulation

Binance, a major cryptocurrency exchange, opposes allegations of market manipulation and works against the interests of its users.

In a Twitter thread on Monday, Binance apparently blamed any claims of cryptocurrency market manipulation on posts spreading fear, uncertainty and doubt, as well as on some posing as employees on the exchange. The firm said it “reserves the right have the right to go to court to protect their interests, ”but did not object to“ responsible whistleblowing that protects the trust of our community. ”

“Binance has never traded against our users or manipulated the market, and we never will,” the exchange said.

It is unclear if the exchange had a link to any specific incident, but the announcement came after a pseudonymous Twitter user named RealFulltimeApe stated on August 21 that Binance “is reviewing large levels of liquidity and is deliberately pumping / dumping prices to get them. for profit. ”The user claims to have been a former“ big data engineer ”on the exchange and“ will provide evidence soon, ”but has not shared any evidence at the time of publication.

“I have a few audio and video files in the office in which the management CLEARLY talks about ‘quick’ liquidation of ‘long and short positions’ with excess leverage before allowing the price to continue to rise / fall in order to increase the insurance fund and the company’s profits. “Said the user.

Binance Holdings Limited has been targeted by authorities in several countries, including Italy, Malaysia, Poland, Germany, UK, Cayman Islands, Thailand, Canada, Japan, Singapore and the Netherlands, warning investors to be cautious about the company, or claiming that it Acting illegally, regulatory warnings likely led some financial institutions to no longer allow customers to send payments to the exchange.

On the subject: Binance at gunpoint: are regulators paying attention to cryptocurrency?

The exchange is also the subject of several class action lawsuits alleging it violated its futures trading rules. Italian law and consulting firm Lexia Avvocati announced in July that it represents investors who have lost “tens of millions” of dollars due to inability to manage their trading positions and view your balances due to cryptocurrency exchange shutting down for several hours on different days.Liti Capital, a Swiss litigation finance provider, has filed similar charges in a separate class action lawsuit filed in August.

Cointelegraph reached out to Binance but received no response by the time of publication.

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