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Binance Denies Allegations of Market Manipulation, Says they Never Traded Against Users


cryptoknowmics.com 24 August 2021 07:30, UTC
Reading time: ~2 m

Binance has recently denied all the allegations made on the crypto exchange regarding market manipulation and trading against their own users. The exchange gave hints of taking legal actions against FUD-peddlers and individuals with malevolent intent and threatening its business interests.

Binance Denies Allegations in Twitter Thread

Binance seemingly laid the allegation for any claims regarding market manipulation in a Monday Twitter thread on publications spreading fear, uncertainty, and doubt, as well as some individuals impersonating employees at the exchange. The exchange said:

“It reserves the right to take legal action to protect its interests but was not opposed to responsible whistle-blowing that protects the trust of our community. Binance has never traded against our users nor manipulated the market, and we never will.”

Though it is not clear that Binance was recalling any particular incident, the statement comes after a counterfeit Twitter user under the name RealFulltimeApe blamed on Saturday.

He said that:

“Binance keeps an overview of big liq levels and purposely pumps/dumps the price to take them out for profit.”

It should be noted that the user claims himself to be a former big data engineer at the exchange and said that he will be coming with proof soon. He said:

"I have multiple audio and video files inside the office in which management is CLEARLY talking about 'quickly' liquidating the overleveraged 'longs and shorts' before allowing price to continue up/down, in order to increase the companies' insurance fund & profits."

Binance Facing Regulatory Issues from Several Countries

In recent times, Binance Holdings Limited has been the target of authorities and regulators of the countries including Italy, Germany, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Singapore, Thailand, Canada, Japan, and the Netherlands.

These countries are warning the investors that the operations of exchanges like Binance are not legal and even have stopped investors to send payments to these exchanges.

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